San Antonio's rental market increasingly competitive, report says

Despite a significant slowdown in San Antonio's real estate market over the past few months, its rental market is heating up, according to a new report.

The study, conducted by online rental marketplace RentCafe, named San Antonio the No. 7 most competitive housing market in Texas last year. El Paso came in at the top of the list.

To determine its rankings, RentCafe used metrics, including but not limited to the number of days each rental remains vacant, the occupancy rate of each city's apartments and the percentage of renters who renewed their leases.

In San Antonio, more than half of renters renewed their leases last year, and in excess of 94% of all rental properties were occupied. For every rental property on the market here, 12 potential tenants are looking to move in, according to the report.

Although Texas remains attractive for people relocating from costly coastal markets — especially spots in California — its rental market remains less competitive than that of Florida and other states, according to the report. In part, Texas' affordability, can be attributed its robust construction sector over the past two years.

With interest rates sitting at their highest levels since 2008, home ownership is now harder for more people to achieve. That suggests competitive rental markets, including San Antonio's will only continue to become more cutthroat.

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