SAAA Residence Magazine June 2021 | Page 18

MARKET UPDATE Checking In On The New Construction Pipeline

by Jordan Brooks
Market Analyst | ALN Apartment Data , Inc .
New construction deliveries have ramped up quite a bit around the country so far in 2021 compared to in recent years . Fortunately , this elevated new supply has been met by a substantial increase in apartment demand that began in the third quarter of last year . With this in mind , now is a good time to check in on the current new construction pipeline for Greater San Antonio . All unit counts below will refer to conventional units for properties with more than 50 units .
Recent Deliveries
Through the first four months of the year , this national trend of increased new deliveries has not held for the Greater San Antonio market . Through April of both 2019 and 2020 , new deliveries totaled around 2,000 units . Through the same portion of this year , only about 1,100 new units have been brought to market . The bulk of those new units , 900 between the two , were delivered in the Far West and Alamo Heights – Terrell Hills submarkets . All told , only four of the 25 ALN submarkets for Greater San Antonio saw any new supply through the first four months of 2021 .
Under Construction
About 5,500 units are currently under construction but not yet leasing . These units account for 17 % of the total pipeline for the area . This portion of the pipeline is about 1,600 units smaller than in November of 2020 as more units have moved through the pipeline than have been replaced by planned projects .
18 JUNE 2021 | www . saaaonline . org