Nearly half of San Antonio landlords offering concessions as housing market slows

Nearly half of all rental listings in San Antonio are offering some sort of concession as the national housing market continues to nosedive, according to new data from home buying marketplace Zillow.

According to Zillow’s numbers, 46.4% of all Alamo City rentals last month included incentives or discounts such as one to two months of free rent, waived or reduced pet deposits and reduced security deposits, to name a few.

The generous offers from apartment complexes and mom-and-pop landlords are the result of a post-pandemic building frenzy fueled by low interest rates and higher-than-usual demand, according to Zillow.

“Now is a great time for renters to find a deal, with more new apartments hitting the market than at any other time in the past several decades,” Zillow Chief Economist Skylar Olsen said in a statement.

Indeed, nearly 60,000 multifamily units were completed in June. According to Zillow, that’s more than in any month in the past 50 years. What’s more, rents could continue to decline nationally as the economy slows.

“A slowing job market and lower mortgage rates could mean falling rents if the current trends hold,” Olsen said.

Austin had the highest percentage of landlords offering concessions to renters, with 50.5% of listings offering special discounts. Meanwhile, Dallas took the No. 2 spot at 47.6%, while only 35.4% of Houston landlords are offering concessions to prospective renters.

Subscribe to SA Current newsletters.

Follow us: Apple News | Google News | NewsBreak | Reddit | Instagram | Facebook | Twitter| Or sign up for our RSS Feed  

This article appears in Best of San Antonio 2024.