SAN ANTONIO – The real estate market in San Antonio is starting to cool down after nearly two years of surging sales and increases in price but renters are facing large increases in some areas as well.
Rent prices in San Antonio and the surrounding areas have not been immune to the effects of inflation.
The Federal Reserve made the biggest single benchmark rate hike since 1994 over the summer to help slow home sales and ever-increasing prices but rent prices still seem to be going up.
The map below shows how rent has increased in the last year across most of Bexar County and the surrounding areas.
Data shows the ZIP code with the highest percent increase is 78221, which had an increase of nearly 99% in the last year and a half.
Conversely, three ZIP codes showed a decrease in rental prices in the same time period — 78202, 78154 and 78233.
The biggest drop in rental prices was 78202 on the East Side with a nearly 9.5% drop, according to the data.
According to a report from ApartmentData.com, the average cost for rent in San Antonio is $1,220 a month.
The report shows that the Leon Springs/Boerne/Kerrville submarkets are the hottest, with 18% annualized growth over the last three months.
The Thousand Oaks/Stone Oak/281 North and Highway 151/SeaWorld submarkets also saw annualized growth of over 10% in the same time period.