Uh-oh, S.A. renters. Watch for ‘aggressive’ price hikes
Look out, San Antonio renters. Rents may be on the rise, and more than usual.
There’s a really interesting blog post this week from Greg Willett at Property Management Insider. He breaks down the evolution of the San Antonio apartment market. Willett writes:
Willett says it’s all about nice, new product and out-of-town owners. Nicer apartments have been popping up. And the owners are used to markets “where aggressively pushing rents is the norm, rather than the exception.” So say goodbye to the 2 percent per year rent increases that have been more typical.
He writes:
There’s a really interesting blog post this week from Greg Willett at Property Management Insider. He breaks down the evolution of the San Antonio apartment market. Willett writes:
“Effective rents for new leases in San Antonio jumped 4.6 percent during calendar 2011, more than doubling the historical norm even though current occupancy of 92.9 percent is virtually identical to the past average.”Why?
Willett says it’s all about nice, new product and out-of-town owners. Nicer apartments have been popping up. And the owners are used to markets “where aggressively pushing rents is the norm, rather than the exception.” So say goodbye to the 2 percent per year rent increases that have been more typical.
He writes:
“In the future, then, don’t be surprised if San Antonio rent change proves a little more substantial than it has in past periods of comparable occupancy.”See if you qualify for a home: Visit www.TorresRealtyGroup.com
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