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San Antonio, TX — Market Intelligence Report
Researched by Chalet's Senior STR Analysts · Verified with local San Antonio market partners
San Antonio is a cash-flow STR market hiding in plain sight — the most visited city in Texas with nearly 37 million annual visitors, home to America's largest joint military installation, and priced at roughly half the cost of Austin. Chalet data shows $32,726 in average annual revenue, 53% occupancy, a $186 ADR, and a 13.30% gross yield across 1,038 full-time listings against a $245,985 median home value. The city permits non-owner-occupied short-term rentals under a two-tier system with 12.5% density caps and $450 three-year permits — meaningfully more permissive than Austin's severe Type 2 zoning restrictions or Dallas's residential STR ban currently blocked by court injunction. Full compliance details are available on the San Antonio STR regulations page.
King William and Southtown in zip code 78204 represent the market's premier investor cluster, delivering $37,165 in annual revenue on a $171,000 median home value for a 22% gross yield across 116 active listings. This historic district south of downtown draws boutique-STR demand through walkability to the River Walk, Blue Star Arts Complex, and a thriving restaurant corridor. Investors acquire renovated Victorians and bungalows in the $175,000–$310,000 range and generate double-digit cap rates after expenses. Tobin Hill and Monte Vista in 78212 offer a complementary profile at $36,278 revenue and 13% yield on a $276,000 median, benefiting from adjacency to the Pearl District — San Antonio's fastest-growing culinary destination. The three-bedroom format dominates both clusters, with 451 market-wide 3BR listings generating $40,527 at a $210 ADR.
The investment case rests on demand diversification that no other Texas metro can match. Joint Base San Antonio contributes $55.1 billion in annual economic impact, cycling 80,000 Lackland AFB training graduates through the city every year — each graduation bringing families who need short-term lodging at the $148 government per diem rate. Fiesta San Antonio draws 2.5 million attendees every April, generating $340 million in economic impact. The approved $1.3 billion Project Marvel — a new downtown Spurs arena and entertainment district opening around 2029 — will reshape urban STR demand across the River Walk corridor. This layered demand base floors occupancy even when leisure tourism softens. The Chalet ROI calculator helps model specific properties against these dynamics, and a Chalet agent can identify inventory positioned to outperform.
Risks deserve honest accounting. The River Walk hotel corridor has added 42.4% more rooms since 2019, compressing downtown hotel occupancy to 61% and creating real competition for STRs in the 78205 zip code. Bexar County property taxes run 2.0–2.3% effective, above the Texas state average. San Antonio's $186 ADR means revenue ceilings are lower than Austin in absolute terms. And summer heat, while not suppressing July occupancy — which peaks at 64% — tempers the ADR premiums that spring and fall deliver.
San Antonio offers the best risk-adjusted STR entry point in Texas — a 13% gross yield market where $200,000–$350,000 homes backed by 37 million visitors and recession-proof military demand produce the cash flow that Austin promises at twice the price, and a $1.5 billion downtown transformation is about to unlock the next demand cycle.
Get matched with top San Antonio, TX lenders who specialize in short-term rental financing — they understand STR underwriting and offer competitive rates for investment properties.
| 78233 |
| 11% |
| $25,155 |
| 66 |
| $227K |
| 3 | 78201 | 15% | $26,095 | 152 | $172K |
| 4 | 78256 | 5% | $29,456 | 23 | $583K |
| 5 | 78252 | 13% | $31,403 | 75 | $247K |
| 6 | 78202 | 19% | $28,925 | 215 | $152K |
| 7 | 78250 | 14% | $32,255 | 87 | $238K |
| 8 | 78226 | 13% | $17,181 | 5 | $133K |
| 9 | 78239 | 9% | $19,508 | 23 | $214K |
| 10 | 78213 | 15% | $30,799 | 69 | $199K |
| 11 | 78215 | 7% | $27,551 | 66 | $413K |
| 12 | 78218 | 11% | $21,117 | 32 | $192K |
| 13 | 78251 | 14% | $36,559 | 119 | $258K |
| 14 | 78230 | 10% | $35,708 | 107 | $344K |
| 15 | 78208 | 14% | $23,744 | 68 | $169K |
| 16 | 78237 | 21% | $24,878 | 9 | $121K |
| 17 | 78205 | 4% | $25,917 | 183 | $611K |
| 18 | 78247 | 11% | $29,482 | 56 | $273K |
| 19 | 78255 | 8% | $42,088 | 65 | $536K |
| 20 | 78253 | 10% | $31,225 | 98 | $322K |
| 21 | 78248 | 5% | $24,592 | 9 | $487K |
| 22 | 78223 | 15% | $26,805 | 39 | $183K |
| 23 | 78204 | 21% | $33,653 | 312 | $159K |
| 24 | 78214 | 15% | $20,142 | 20 | $132K |
| 25 | 78212 | 11% | $29,144 | 323 | $275K |
| 26 | 78224 | 12% | $25,133 | 15 | $202K |
| 27 | 78260 | 4% | $22,377 | 26 | $510K |
| 28 | 78244 | 7% | $15,383 | 30 | $212K |
| 29 | 78245 | 12% | $31,275 | 200 | $256K |
| 30 | 78207 | 18% | $18,991 | 41 | $107K |
| 31 | 78258 | 8% | $37,604 | 38 | $492K |
| 32 | 78217 | 12% | $26,947 | 45 | $221K |
| 33 | 78254 | 12% | $35,090 | 99 | $303K |
| 34 | 78209 | 6% | $28,988 | 150 | $457K |
| 35 | 78219 | 16% | $26,770 | 9 | $167K |
| 36 | 78225 | 18% | $22,518 | 15 | $125K |
| 37 | 78221 | 11% | $18,970 | 20 | $174K |
| 38 | 78222 | 8% | $15,815 | 12 | $211K |
| 39 | 78240 | 12% | $29,746 | 119 | $259K |
| 40 | 78210 | 17% | $26,990 | 338 | $158K |
| 41 | 78238 | 13% | $27,904 | 44 | $218K |
| 42 | 78220 | 17% | $24,948 | 9 | $148K |
| 43 | 78228 | 15% | $24,978 | 54 | $167K |
| 44 | 78259 | 11% | $43,280 | 23 | $394K |
| 45 | 78266 | 5% | $26,718 | 5 | $564K |
| 46 | 78203 | 18% | $27,588 | 207 | $154K |
| 47 | 78261 | 8% | $34,747 | 20 | $433K |
| 48 | 78264 | 4% | $7,765 | 9 | $215K |
| 49 | 78242 | 21% | $32,145 | 47 | $152K |
| 50 | 78249 | 11% | $31,739 | 113 | $294K |
| 51 | 78263 | 4% | $13,636 | 6 | $338K |
| 52 | 78216 | 12% | $33,619 | 117 | $280K |
| 53 | 78229 | 15% | $28,561 | 98 | $188K |
| 54 | 78227 | 18% | $29,326 | 99 | $161K |
| 55 | 78232 | 12% | $43,728 | 66 | $370K |
Click any zipcode above to explore detailed analytics for that specific neighborhood in San Antonio, TX. Each neighborhood page includes comprehensive data on occupancy rates, seasonal trends, and investment projections.
