Landlords Increase Apartment Concessions to Draw in Tenants

GlobeSt.com reports landlords across the United States are willing to increase apartment concessions for new tenants instead of lowering rent, following the release of a new Zillow study.

“The survey of Zillow listings showed that 30.4% of rental listings on the service featured concessions, compared to 16.2% of listings in February and 12.5% last July. Those concessions can range anywhere from a month off rent, free access to a parking space or even a gift card, according to the study.

“The survey indicates that landlords are choosing to offer perks to draw in potential tenants rather than make more permanent moves like lower rent. “Before the pandemic, the nation was seeing concessions dwindle earlier this year, which coincided with accelerating rent growth. That trend reversed sharply after the pandemic hit in February,” Zillow Group economist Joshua Clark wrote. “In a softer rental market, landlords are trying to push the right button to bring renters into their space.”

Read more at GlobeSt.com.