Rent growth in San Antonio’s pricey neighborhoods slows due to pandemic, Zillow says

While home sales soared over the course of the pandemic, rent growth slowed

Rent in expensive areas have softened but in lower-priced areas have not, Zillow says

SAN ANTONIO – The typical rent in the San Antonio metro is $1,278, and that’s $20, or 1.6%, higher than a year ago. Rents in the highest-priced zip codes have risen 2% on average over the past year, but have risen 3% in the lowest-priced zip codes.

The typical home has appreciated $16,588 over the past year. In our area it’s now worth $225,999, up 7.9% year over year and 1.2% since January 2021.

Across the country, according to Zillow’s February market report, home values continued their march upward in February, matching record monthly growth from months prior, while home sales and appreciation soared over the course of the pandemic, rent growth slowed, seemingly a boost for rent affordability.

While dropping rents could have provided relief to lower-income households who have been disproportionately impacted by the pandemic, rent has remained stubbornly high in more-affordable areas, a new Zillow analysis shows.

In terms of housing prices, the typical U.S. home value rose 1.1% in February to $272,446, maintaining the lightning-fast speed of month-over-month growth seen in both January and December. this is the fastest monthly appreciation in Zillow records reaching back to 1996, and still above the previous high of 1% set in the summer of 2005.

According to the San Antonio Business Journal, in Bexar County, some local zip codes saw huge growth in prices over the last year. The 78231 zip code seems to be the highest jump, and that includes the Shavano Park and North Side area which is up 121.5% to an average of $626,700.

No zip code within the city saw a decline in the median sales price. The lowest increase was in 78230 on the North Side, which saw its median rise 1.4% to $324,500.

About the Authors:

Max Massey is the GMSA weekend anchor and a general assignments reporter. Max has been live at some of the biggest national stories out of Texas in recent years, including the Sutherland Springs shooting, Hurricane Harvey and the manhunt for the Austin bomber. Outside of work, Max follows politics and sports, especially Penn State, his alma mater.

Sarah Acosta is a weekend Good Morning San Antonio anchor and a general assignments reporter at KSAT12. She joined the news team in April 2018 as a morning reporter for GMSA and is a native South Texan.