To compile its numbers, SpareRoom analyzed some 80,000 roommate postings on its website across 29 of the nation’s largest metro areas, comparing the asking price for rent split between roomies during the first three quarters of this year.
Postings on SpareRoom in the San Antonio metro jumped from $725 in the first quarter to $946 in the third quarter, according to the analysis.
Even so, the Alamo City ranked as the fifth-most affordable large metro area, according to SpareRoom’s report. Atlanta took the top spot at the nation’s most-affordable rental market for those with roommates, followed by Virginia Beach at No. 2 and Kansa City at No. 3.
Word of San Antonio’s rising rents comes as the city continues to grapple with a headline-grabbing affordable housing crisis.
In September, City Council voted 9-2 to move forward with the demolition of the Soap Factory Apartments — one of the few reasonably priced apartment complexes downtown — to make way for a $160 million minor league baseball stadium.
About a week later, council voted against building an affordable housing complex in an affluent North Side area, citing neighbors’ concerns about traffic congestion.
“Well, whether it’s subsidies or naturally occurring affordable housing, this Council isn’t having any,” District 5 Councilwoman Teri Castillo tweeted after the vote to kill the North Side project.
In a statement, SpareRoom spokesperson Matt Hutchinson warned that skyrocketing rents can have a negative effect on local economies.
“One of the major risks is that people end up just staying put to avoid having to pay higher rent, which could have a real knock-on effect on the economy,” Hutchinson said. “Jobs are the single biggest reason why people relocate, but if affordability is stopping that, the result will be a less flexible workforce, which has real implications for economic growth.”
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This article appears in Oct 16-29, 2024.