As rental market cools, one-third of property managers offer things like free weeks of rent or parking
FILE-A for rent sign is shown in front of a home in Washington D.C. (Photo By Tom Williams/CQ-Roll Call, Inc via Getty Images)
An improvement in the rental market is giving consumers seeking housing more choices and even quality deals.
One-third of property managers are offering concessions such as free weeks of rent or free parking as an incentive to rent in July.
A recent report from Zillow shows that rental listings offering consumers at least one concession has risen to 33.6% in April 2024 compared to only 19.4% in July 2022.
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According to Zillow, in Raleigh, North Carolina, Charlotte, North Carolina, Atlanta, Salt Lake City, Utah, Nashville, Tennessee, and Austin, Texas, over half of rentals advertised in these areas offer concessions to prospective renters.
However, Baltimore, Milwaukee and Pittsburgh and San Jose, California, are the four cities that had fewer rental concessions in July compared to 2023.
"Builders have stepped up and built an incredible number of homes in response to soaring rents during the pandemic, and renters are now seeing the benefits," Zillow Chief Economist Skylar Olsen said in a statement in a company release. "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.
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Zillow noted that more property managers are offering these accommodations on their rental properties in part due to the apartment construction surge with nearly 60,000 multifamily units built across the country in June.
The Source
Information for this story was provided by a Zillow report that includes data from housing providers sharing rental concessions with prospective renters.