In metro areas awash in new apartment construction, lease concessions are climbing to two months or more.
A nationwide map on the Axiometrics website shows the areas where apartment communities are offering lease concessions that range from a half-month’s rent to two months or more. The map shows rent concessions are more prevalent in the eastern half of the country and particularly along the East Coast.
Axiometrics data highlight the Montrose/River Oak subdivision in Houston, where multiple apartment communities are offering rent concessions of two months or more. This area is experiencing negative rent growth with new supply still coming online.