Here’s what you need to know about rental prices in San Antonio.
What’s happening with rental prices in San Antonio? The housing market might be cooling off, but the rental market is on fire. Today I want to share the latest statistics and explain what they mean to you.
The average rental price in San Antonio is up 14% since last year, which means that the average rent is around $1,800. This is a dramatic shift in our market.
Rental prices in San Antonio have followed rising home prices. The cost of the average house increased by 20% in the last year to $395,000. Usually, rental prices follow home price increases with a one-year delay since that’s how long the average lease is for.
What does this mean for you? Wealth gaps across the country and in San Antonio are increasing. Homeowners have their monthly payments locked in, so they don’t have to worry about rising rents. Meanwhile, renters will take on most of the burden of increasing home costs.
If you have questions about today’s topic or anything else related to real estate, please call or email me. I look forward to hearing from you.