Apartment demand remains high in the San Antonio metro area, which experienced employment growth of 1.2 percent last year.

That amounts to 10,000 new positions, which Hendricks & Partners notes accounts for significant housing demand. That demand is largely focused on the multifamily sector, and has led to a 3.4 percent rent increase. Absorption of new units spiked in 2011, although they are expected to return to more typical levels this year.

While demand is high, new construction is projected to outpace it soon, causing the vacancy rate to increase from 4.3 to 4.6 percent in 2013. Demand will be driven partly by new jobs in the energy sector, but some renters are expected to become homeowners, limiting the impact of that trend.

Overall, the firm projects a strong performance by the multifamily sector, possibly featuring further rent growth. Any increase in employment projections or other economic factors could cause additional apartment demand. As it is, rental property management companies should still find conditions beneficial in the near future.