The New York Knicks and San Antonio Spurs meet this week in the NBA Finals. While they share winning seasons in common, their home cities offer renters two very different experiences. Apartments.com breaks down how New York and San Antonio stack up for apartment hunters.
Supply: How Much Is Being Built?
San Antonio has been on a building streak. Over the past five years, San Antonio’s apartment inventory increased by 20%, or 40,000 units.
Strong population growth over the past several decades has drawn developers to the market, and a wave of new apartment construction followed. The result: renters in San Antonio have more options today than at almost any point in recent memory.
New York, by contrast, has quietly added more apartments than most people realize, its largest stretch of new construction in years. Over the past five years, New York’s apartment inventory increased by 10%, or 132,000 units.
But building in New York is slow, expensive, and tangled in regulation, so even a strong stretch here doesn't come close to matching what other major cities have delivered relative to their inventory.
Advantage: San Antonio. If you're looking for a newer building with modern finishes, they are way more likely to be available in San Antonio.
Vacancy: How Hard Is It to Find a Place?
In San Antonio, apartments are competing for you. Vacancy rates are elevated at nearly 16%, almost double the national average.
New buildings are taking longer to fill up, and renters can afford to be selective. It's one of the more tenant-friendly environments in the country right now.
New York is a different story. Fewer than three out of every 100 apartments are available at any given time in what is the tightest apartment market in the nation.
If you've ever apartment hunted in New York, you know what that feels like: applications stacked up, units gone before you can schedule a tour, and very little leverage at the negotiating table.
Advantage: San Antonio. More openings means more choices and more power as a renter.
Rent: What Will You Pay, and Is It Getting Better?
Here's where it gets interesting. San Antonio rents have actually started to come down, a direct result of all that new supply hitting the market at once. Rents have declined for more than two years and now stand at around $1,254 per month across the metro.
New buildings are competing against each other to attract tenants, and renters are benefiting. It doesn't hurt that San Antonio home prices have also dropped recently, according to a recent Homes.com market report, giving renters even more options.
In New York, the math works in the opposite direction. Rents continue to tick upward in New York and now stand at around $3,584 per month across the metro.
When almost every apartment is spoken for, landlords have little reason to lower rents and every reason to raise them. New York remains one of the most expensive rental markets in the country, and tight availability continues to push rents higher, as detailed in a recent Homes.com report.
Advantage: San Antonio. Rents are falling, competition among buildings is working in renters' favor, and your dollar stretches further.
The Winner: San Antonio
San Antonio is the clear winner for renters right now. More apartments, more availability, falling rents, and a market where landlords are working to earn your lease. New York offers proximity, energy, and a city that never sleeps, but you'll have to both earn and pay for it.
Whether the Spurs can pull off the same kind of win against the Knicks is another question entirely.
