discounts at the end of November was double the national average with 40 % of conventional properties offering a discount . However , that availability was up only marginally from the beginning of the year and therefore does not explain the lack of 2020 growth . The average discount value decreased slightly to about three weeks off a 12-month lease . This value is actually below the national average .
Takeaways
In many ways , the Greater San Antonio market has mirrored the country as a whole this year . Demand is approaching a more typical level and new construction activity has been roughly on-par with recent years . The lingering difference has been rent growth . Effective rent growth for San Antonio , while managing to remain in positive territory , was only about one-third what it was last year through November . Concession availability remains elevated , but that was a feature of the market entering the year and should not be attributed to the pandemic . The lower rent growth this year appears to be due more to operators deciding not to materially raise asking rents rather than a growing delta between asking and effective rent .
Happy holidays to you and yours .
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