Rental Concessions on the Rise as Rent Market Softens
  •     The percentage of rental listings featuring concessions rose from 16.2% in February to 30.4% in July. Year-over-year rent growth has slowed from 3.9% to 1.2% over the same period.

  •     Rentals in multifamily buildings have concessions attached more than other rental types. Free weeks of rent is, by far, the most common offer, followed by a reduced or waived deposit.

  •     Among the top 50 U.S. metro areas, concessions are most common in Washington, D.C., Charlotte and Austin.

Rental concessions on listings are now nearly twice as common as they were in February, as landlords strive to attract new tenants in a rental market that has softened considerably since the coronavirus pandemic took hold.

RSK: Not sure if free rent is a good idea. WIll the landlords lender offer free loan payments? I guess any port in a storm.

- - Volume: 8 - WEEK: 37 Date: 9/8/2020 8:25:26 AM -