Takeaways The third quarter for Greater San Antonio was a strong one , especially given the context of the times . The second quarter of 2019 saw average occupancy gain 1 % and average effective rent gain 1.7 %. This year in the second quarter , both metrics were essentially flat , and demand was only about 30 % what it was in 2019 . With that as the entry point into the third quarter , a threemonth period where performance closely mirrored that of both 2019 and 2018 is a win .
The availability of lease concessions remains elevated - something that is not ideal going into the traditionally weaker final quarter . Even so , of the five submarkets that entered July with more than half of conventional properties offering a new lease discount , four of them managed to decrease reliance on discounts in the quarter .
Last year , Greater San Antonio took fairly strong results into the fourth quarter and lost ground in both average occupancy and average effective rent after an uptick in deliveries combined with a net loss in rented units . The area , along with the industry and economy more broadly , face additional and unique challenges this year . A strong third quarter may have been enough to mitigate what is likely to be a challenging few months going forward , yet it may not be enough to stave off slight occupancy and rent retractions for the year as a whole .
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