TRACKING GREATER SAN ANTONIO PRICE CLASS PERFORMANCE ( CONT .
Takeaways
Last year , generational apartment demand sent rent growth into the stratosphere and average occupancy to levels well above the norm . This year , apartment demand has been dormant , and the impact has been felt across the other performance metrics .
For Class A and for Class B , part of the story was the timing of new supply . Though the influx of new units has been lower this year than in the recent past , the fall months saw an unusually high volume of deliveries just as apartment demand cooled from the seasonal bounce during the summer . The result was a slide in average occupancy that accounted for the majority of the year-to-date decline .
It is notable that in many ways Class A and Class D have been the most resilient this year relative to the other price tiers . This may be an indication that residents benefiting from generally higher incomes ( Class A ) and residents who may be able to take advantage of various assistance programs ( Class D ) have been able to weather market conditions somewhat better than those residents in the middle tiers .
The winter months are traditionally a softer period for multifamily . It seems reasonable to expect lackluster apartment demand to continue at least into the spring , carrying average occupancy further downward with it . As 2023 approaches , it remains to be seen whether demand can recover enough to offset what is expected to be an another active year for deliveries .
Membership Networking Mixer and Blue Santa Toy Drive
We collected over 100 toys for Blue Santa at our Membership Networking Mixer and Toy Drive ! Thank you to all our generous members !
14 JANUARY 2023 | www . saaaonline . org