San Antonio’s average rent clocked in at $1,078 in March, down 0.2 percent on a T3 basis and up 5.2 percent year-over-year. That’s the fourth lowest of all surveyed metro areas, according to a Yardi Matrix survey. In spite of the low rents, rent payments accounted for 27 percent of the area’s median income, the highest ratio among the metros in this list and equal to the national rate.

Deliveries nearly came to a halt, with just 78 units coming online in 2023 through April, the equivalent of 0.1 percent of existing stock. Last year, San Antonio’s stock expanded by 1.4 percent, or 5,165 units, the second-highest growth among the metros in the ranking.

The metro had the lowest occupancy rate among the markets in this group, at 90.0 percent in February, and the most significant decline rate, down 2.9 percent year-over-year. Meanwhile, absorption inched up 0.3 percent or 607 units of the 215,764-unit inventory.