San Antonio multifamily market fundamentals have begun to soften, especially in transaction and new construction volume. According to a Yardi Matrix survey, the metro’s rent movement was negative for four consecutive months, down 0.3 percent on a trailing three-month basis through March to an overall average of $1,274. The rate trailed the U.S. figure, which remained flat, at $1,706.

The occupancy rate in stabilized properties also fell 170 basis points in the 12 months ending in February, to 93.0 percent.

Deliveries through March were scarce, with just 78 units in one fully affordable community coming online, but the construction pipeline had 16,000 units underway, 8,455 of which Yardi Matrix forecasts will be completed by year-end. Meanwhile, investors traded just $176 million in multifamily assets, coming in at just over $100,000 for an average price per unit.