Concessions Rise Slightly in July

Some markets are seeing half of rentals with concessions.

1 minute read

Every other apartment community is offering a deal in some metros. According to data from Zillow, 33.2% of its total listings offered a concession such as free rent or parking in July. There were six markets—Raleigh and Charlotte, N.C., Atlanta, Salt Lake City, Nashville, Tenn., and Austin, Texas—with concessions at 50% or higher.

"Now is a great time for renters to find a deal, with more new apartments hitting the market than at any time in the past several decades," said  Zillow Chief Economist Skylar Olsen, in a release. "Rents are still growing, but it's a far cry from the steep rent hikes of two or three years ago, and renters will find sweeteners being offered by more than half of rentals in some places."

The share of communities offering concessions was at 33% in June and 25.4% a year ago. In July 2022, roughly 19% of communities offered at least one concession. San Jose, Calif., Baltimore, Milwaukee and Pittsburgh were the metros with concessions declining year-over-year, indicating a more competitive rental market.