San Antonio rental prices rise 7% as interest rates push residents out of the housing market
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The average price of a two bedroom apartment in San Antonio rose to $1,430 this month, a 4.4% increase from last March.
Although San Antonio’s housing market has slowed with the rise in interest rates, strong demand continues in its rental market, according to data from online real estate marketplace Zumper.
Average rent for a one-bedroom apartment in San Antonio jumped 7.4% over the past year, with the price settling at $1,160 in March. Meanwhile, the average rent for a two-bedroom apartment increased to $1,430 over that time period, a 4.4% hike.
Zumper’s report credits the rise in rental prices nationally to the Fed’s tinkering with interest rates. Higher borrowing costs push people out of the housing market and into rental properties.
However, Zumper CEO Anthemos Georgiades said in the report that rental price increases could taper off in the coming months as more housing inventory is built.
Even though Alamo City rants are up, it remains among the most affordable rental markets in the country.
Out of the nation’s 100 largest real estate markets, San Antonio ranks as the No. 66 in price, falling behind other Texas cities including Fort Worth, Houston, Dallas and Austin, according to the company’s data.
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