Hey all, I stumbled on this while doing some research on vacancy rates:
Can anyone who knows the San Antonio market well explain why rental vacancy started rising since 2013? The data only goes up to 2017, but has this trend kept rising through 2019?
This shows vacancy for the entire SA metro area so I'm sure it varies wildly depending on what neighborhood you're in but it would be interesting to know what's causing this global trend.
(cool website for looking up various stats related to real estate)
@Alexis Schreier you need to consider vacancy as a whole can include a lot of things, such as vacant for rent, vacant vacation homes (airbnb), vacant homes for sale etc. The website, bestplaces.net shows a breakdown and it explains it better :)
|HOUSING||San Antonio, Texas||United States|
|Median Home Age||33||37|
|Median Home Cost||$165,700||$216,200|
|Home Appr. Last 12 months||8.62%||6.77%|
|Home Appr. Last 5 yrs.||42.63%||31.12%|
|Home Appr. Last 10 yrs.||33.13%||11.41%|
|Property Tax Rate||$20.61||$11.89|
|AVERAGE RENT FOR HOME OR APARTMENT|
|1 Bedroom Home or Apartment||$890||$990|
|2 Bedroom Home or Apartment||$1,210||$1,240|
|3 Bedroom Home or Apartment||$1,670||$1,660|
|4 Bedroom Home or Apartment||$2,100||$1,910|
|Vacant For Rent||3.52%||2.34%|
|Vacant For Sale||0.93%||1.20%|
@Arissa Pedroza thanks for your reply :) Does "Vacant Rented" mean that a tenant is paying rent but doesn't occupy the unit?
Also, any ideas why the general vacancy trend is rising over the years? I realize that the vacancy in the report I screenshot could include different types of vacancy but the report does specifiy that it's talking about Rental Vacancy so I feel like it's still pretty relevant. Any thoughts?
@Alexis Schreier yes vacant but rented means they just have not moved in yet. I really have not seen a difference in vacancy in San Antonio but the one nice thing about Texas is that you need to be an agent to show a rental property, so you can pull good rental comps on any neighborhood. As long as you do your due diligence and price it correctly and have it in a neighborhood that has low days on market, you should be fine.
@Alexis Schreier you can find different reports from all different sources. They are all going to say different things. It was Mark Twain who said that there are 3 different types of lies. There are lies, damned lies and there are statistics.
I found a report from Q2 of 2018 from Marcus & Millichap a multi family brokerage: https://assets.recenter.tamu.edu/Documents/MktRese...
The report says there is about 7% vacancy. You have to filter out what you are looking for. Just single family, duplexes, all multi-family... Lots to think about. I never just read one report. I go find others to see if they are all saying and seeing the same trend.
@Arissa Pedroza thanks for the advice :)
@Rick Pozos thanks for linking the article! I agree, you need to read different sources of data to pain the whole picture. I'll remember that Mark Twain quote though :) I get a lot of great info from talking to people on the BP forums which is why I wanted to start this discussion in the first place.
I stumbled upon this thread a couple days ago: https://www.biggerpockets.com/forums/99/topics/513518-san-antonio-tx-how-to-understand-this-market