As we head toward the midpoint of 2026, San Antonio continues to demonstrate why it's one of the most compelling real estate markets in the United States. While some Sun Belt markets have seen demand moderate from their pandemic-era peaks, San Antonio's fundamentals remain uniquely durable, and for investors with a long-term orientation, the opportunity set continues to grow.
A City Built on Structural Demand
San Antonio's growth story isn't driven by any single catalyst, it's the product of multiple overlapping demand generators that reinforce one another. The city is home to one of the largest concentrations of military installations in the country, anchored by Joint Base San Antonio (Lackland, Fort Sam Houston, and Randolph), which employs over 80,000 active-duty and civilian personnel and creates a permanent, recession-resistant base of housing demand.
Beyond the military, San Antonio's healthcare sector is a significant economic engine. The South Texas Medical Center, a 900-acre campus with over 45 institutions, employs tens of thousands and serves as a major employer attractor for medical professionals from across the country. Boeing, Lockheed Martin, Accenture, and a growing tech sector add further employment diversity and income stability to the metro's tenant base.
Affordability Advantage in a High-Rate Environment
In a national environment where housing affordability has become a defining constraint, San Antonio remains one of the most affordable major metros in the country. Home prices, while elevated from their pre-pandemic levels, remain well below comparable Texas metros, and significantly below coastal markets. This means more renters staying in the rental pool longer, providing excellent occupancy support for multifamily investments.
At BRASS, several of our most mature projects are located in San Antonio, including The Preserve at the Port and Horizon Pointe. Both serve the workforce housing segment that benefits directly from the city's employment-driven demand and affordability profile.
The Infrastructure Bet
San Antonio is investing heavily in infrastructure that will support its next growth phase, including the expansion of Port San Antonio into a hub for aerospace, tech, and manufacturing. The city's position at the intersection of I-10, I-35, and I-37 makes it a critical logistics and distribution node for the broader Texas triangle, adding commercial real estate demand on top of the residential story.
For investors thinking across 5-10 year horizons, San Antonio's combination of durable employment, population growth, affordability advantage, and infrastructure investment creates a compelling case for continued allocation. BRASS's concentration in this market is not coincidental, it reflects our conviction that San Antonio remains one of the most durable investment environments in the country.
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BRASS has been investing in San Antonio since 1991. Learn about our current opportunities and how to partner with our team.
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