One-Bedroom and Two-bedroom Units
One-bedroom units realized an effective rent gain of 0.8 % during this six-month period . Similar to the efficiency units , despite being a sub-1 % gain the result was an improvement over the same period a year ago when average rent fell by 1 %. Lease concessions remain a factor for these units as well . 40 % of one-bedroom units are currently offering a discount after a 12 % increase from September through February . The average value closed February at 3.4 weeks off an annual lease .
The strongest rent growth was in the two-bedroom units with a 1.1 % gain . This could reflect a change in resident preferences toward an extra room for work or virtual schooling , but it remains too early to stipulate the strength or ultimate longevity of such a shift . The average two-bedroom unit ended February leasing for $ 1,141 per month . Interestingly , a separate group of two-bedroom units that also include a den did not experience the same growth . These units realized only a 0.2 % average effective rent gain . On the discount front , 41 % of two-bedroom units were offering a lease concession at the end of the period . The average discount value held steady across the six months at 3.1 weeks off a 12-month lease .
Three Bedrooms
Effective rent growth was most tepid for the three-bedroom units . A gain of 0.3 % brought the average unit to $ 1,484 per month . The overall trend held here as well , with the small rent gain at least bettering the performance from the same period a year ago . This time , the 0.3 % increase edged out the previous 0 % change . Increased demand as reflected in rent changes for three-bedroom units could be an indication , among other factors , of household consolidation for economic reasons . The lack of rent growth in this subset is an encouraging sign that such a phenomenon was not widespread in Greater San Antonio . It should also be noted that unlike the efficiency and one-bedroom units , three-bedroom units did not have an influx of new and more expensive units to boost rent growth . The availability of rent concessions held fairly stable , hovering around 33 % for the six-month period . The average discount value was also unchanged at 3.1 weeks off an annual lease .
Takeaways
While effective rent gains were not flashy across any of the floorplan types , each group outperformed the same period a year ago even before the onset of the COVID-19 pandemic . Given everything that has happened since that time , these results cannot be characterized as anything but encouraging . Lease concessions do remain a little elevated compared to a year ago , but the increases were concentrated mostly in the efficiency and one-bedroom units – floor plans especially represented among the unit mix of new properties .