Timeline: January 2022-early 2024 Cost: $75.8 million Rent range: 257 units at 60% AMI; 39 units at 50% AMI; 16 units at 30% AMI 5 Vista at Interpark Apartments** Developer: Atlantic Paci c Units: 64 Timeline: summer 2021-fall 2022 Cost: $17.7 million Rent range: 2 units at 20% AMI; 5 units at 30% AMI; 16 units at 50% AMI; 41 units at 60% AMI 6 Durrington Ridge Apartments Developer: Greystar/Abacus Capital Group Units: 398 Timeline: March 2021-March 2023 Cost: $37.7 million Rent range: $1,350-$2,425 7 Parkway at Stone Oak Apartments Developer: Realiance Units: 332 Timeline: June 2021-June 2023 development,” said David Newman, DWH San Antonio Division president. Apartment growth continues Apartment property owners say local rents continue to rise, and occupancy rates are stable. Figures released from www.apartmentdata. com in July show overall occupancy rates and e ective rents among San Antonio-area apartments dropped between May and June of this year, but such rates were still higher than those recorded in June 2021. In the July survey from www.apart- mentdata.com, the occupancy rate of San Antonio-area apartments was 92.6% in May 2022, compared with 92.7% in April 2022 and 90.8% in May 2021. The same report said local average rents increased 11.9% between June 2021 and June 2022. Locally, 30 apart- ment communities totaling 7,868 units are under construction, with another 18,442 units across 65 communities proposed for development. Celine Williams, the San Antonio Apartment Association interim exec- utive director, echoed Gonzalez’s sen- timents that Texas is a destination for people wanting an a ordable place to live. Demand for apartments is outpac- ing supply, she said, and prospective homebuyers are waiting for the sin- gle-family housing market to cool o . “Rents are rising as employment costs increase and apartment owners recover from the increased pandemic costs and lost revenue, plus expensive NORTH SAN ANTONIO EDITION • JULY 2022 Cost: $37 million Rent range: N/A
Single-family homes 8 Brookstone Creek Homes, Unit 1B Developer: D.R. Horton Units: 83 Timeline: N/A Cost: N/A Sales price range: from $326,000 9 Langdon, Unit 1B Developer: D.R. Horton Units: N/A Timeline: N/A Cost: N/A Sales price range: from $327,000 10 Canyon View Developer: D.R. Horton Units: N/A Timeline: N/A Cost: N/A Sales price range: N/A
THIS IS NOT A COMPREHENSIVE LIST. ALL PUBLISHED CONSTRUCTION COSTS, TIMELINES AND RENTS ARE ESTIMATES, UPDATED AS OF JULY 1.
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winter storm damage,” Williams said. Williams said the rising costs of land, construction materials and labor as well as increases in property appraisals, insurance premiums and other operational expenses are among many factors that are prompting rental increases. “Apartments that do get built tend to have higher rents to cover the high cost of development,” Williams said. Multifamily housing developers are facing similar challenges that are con- fronting single-family homebuilders, even as some rental developers aim to create more a ordable, market- and workforce-rate apartments. The San Antonio Housing Trust, a nonpro t that helps address local a ordable housing needs, said it has created or preserved nearly 10,000 multifamily units for family, senior and veteran-centric housing since 2011. The SAHT said, in the same time- frame, it has created or preserved more than 5,800 multifamily units reserved for tenants earning 30%-60% of the area median income, which is $41,550 for one person and $59,300 for a four-person household, according to the U.S. Department of Housing and Urban Development. “It’s more important than ever to gure out how to create that pipeline of a ordable housing all around San Antonio, including the North Side,” Alanis said.
For more information, visit communityimpact.com .
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