es so far this year . The biggest decline was a 3 % loss in the Downtown – Riverwalk – King William submarket . In the La Cantera – Dominion – The Rim area , average rent declined by 2.7 %. The two submarkets just mentioned are the two most expensive submarkets in Greater San Antonio and it was these two areas that saw the largest average rent reductions . In the Alamo Heights – Terrell Hills region , average effective rent fell 1.8 %.
Takeaways
Stabilized properties have held their ground through what has been a rocky year , to say the least . These properties have managed to maintain , and even add some , to average occupancy without a major move toward lease concessions in order to do so . On the average effective rent front , much of annual rent growth is typically derived from the spring and summer months . That has not been the case this year , but that portion of the calendar has been enough to bring rent change out of negative territory .
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