Located in Texas, San Antonio is the second most populous city in the state, and is located about 75 miles west of Austin. Named for Saint Anthony of Padua, the city has a rich history of Spanish influence as evidenced by the city’s five missions, four of which are in the San Antonio Missions National Historical Park.
About San Antonio
Known in the 1800s primarily as a center for the cattle industry, the city is now home to several military bases, including Lackland Air Force Base and Randolph Air Force Base. Just outside the city are Camp Bullis and Camp Stanley. San Antonio is reputed to be very family friendly, and certainly the River Walk, the Alamo, and Six Flags helped garner that reputation.
San Antonio Demographics
With about 1.3 million inhabitants, San Antonio is the 7th most populous US city, and its population is increasing faster than the US population as a whole. About 63 percent of the population identifies as Hispanic or Latino. 26.8 percent of the population is 18 years of age or younger; 10.4 percent are 65 years of age and over. From 2008-2012, the homeownership rate in San Antonio was 57 percent–less than the average rate for Texas, which was 63.9 percent during the same period.
San Antonio Housing Market
In 2013, the housing market in San Antonio posted its best year since 2006. According to the San Antonio Board of Realtors, there were more than 23,000 home sales in San Antonio last year, with the median price for a single-family home being $170,200. Housing inventory is at about 4.2 months according to a local real estate group. Current projections from Corelogic Case-Schiller are for prices to increase 3.7 percent between Q3-2013 and Q3-2014.
While in the past San Antonio has been recognized for its stable and affordable home prices, recently cheaper housing is becoming more challenging to find. Reports are that fewer affordable homes are being built while more luxury type homes are increasing.
San Antonio Rental Market
Realpage.com reports that for the third quarter of 2013, average apartment rents in San Antonio were $813/month, up 1.7 percent, a lower rate than other major Texas metro areas. Occupancy fell .5 percent to 93.9 percent, partly due to the addition of new apartments, which may have reduced rental demand for older units. According to RealPage, lthough San Antonio has not performed as well as other Texas rental markets, it’s performing well for San Antonio.
Are you a property manager in San Antonio? We’d love to hear how the rental market is performing,please let us know in the comments.
By Tracey March