FILE: A “For Rent” sign is seen outside a house in Washington DC (Photo by Tom Williams/CQ-Roll Call, Inc. via Getty Images)
As the rental market improves, consumers looking for housing have more choice and can even get better deals.
A third of property managers offer perks such as rent-free weeks or free parking as an incentive to rent in July.
A recent report from Zillow shows that the number of rental listings offering consumers at least one concession increased to 33.6% in April 2024, compared to just 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, more than half of the rental properties listed in those areas offer discounts to prospective renters.
However, Baltimore, Milwaukee and Pittsburgh, as well as San Jose in California, were the four cities that saw fewer rent concessions in July compared to 2023.
“Builders have stepped up and built an incredible number of apartments in response to rising rents during the pandemic, and renters are now seeing the benefits,” Zillow chief economist Skylar Olsen said in a statement in a company press release. “Now is a great time for renters to get a bargain, with more new apartments coming onto the market than at any time in decades.”
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Zillow found that more property managers are offering these accommodations for their rental properties, thanks in part to the boom in housing construction: Nearly 60,000 multifamily homes were built across the country in June.
The source
Information for this article comes from a Zillow report that includes data from apartment providers who pass on rent concessions to prospective renters.
