demand picture . This is partially thanks to average occupancy remaining higher than normal , for now . Average effective rent for new leases rose by just over 4 % in the first five months of the year to $ 1,230 per month .
Lease concessions have also continued in the vein of last year in that both discount availability and the average discount value have decreased so far this year . After an almost 20 % decline in availability , only around 13 % of Greater San Antonio stabilized properties were offering a discount for new leases at the end of May . The average discount value , calculated from only those properties offering one , slid to less than two weeks off an annual lease .
Heading into the summer months , it is clear that 2022 is an entirely different animal than 2021 . Though rent growth has so far continued its incredible run , shifting macroeconomic conditions paired with that very rent growth itself have created a growing affordability crunch . Apartment demand has now been tepid for more than six months and annual absorption figures are obscuring that reality less and less with every subsequent month without a turnaround .
Over the next handful of months , without a resurgence in apartment demand , it is likely that stabilized properties will see average occupancy continue to trend downward to a more-typical level around 92 %. This will likely also coincide with a reversal in the decline of lease concession availability and play a role in rent growth finally losing some steam .
Rent growth for stabilized Class A and Class B properties , though still unusually high , has been slightly lower so far in 2022 than through May of 2021 . For Class C and Class D , rent appreciation has actually accelerated so far this year compared to last year . Class C average effective rent has gained about 5 % this year compared to 3 % through May of 2021 while Class D average rent has gained approximately 2 % after a sub-1 % increase last year in the period .