Good News for Renters

(6/1/26)  If you prefer to rent your home rather than own it, then Zillow has some good news for you.

According to Zillow’s latest rental report, concessions – incentives such as free rent, waived fees and discounted move-in costs – are showing up on nearly 40% of listings (39.8% to be exact). For renters, that can translate into meaningful savings both upfront and over the life of a lease.

A year ago, roughly 1 in 3 rental listings offered a concession of some sort. Before the pandemic, it was 1 in 6. So, why the shift now? Because the supply of apartments has outpaced demand in many markets, giving renters more options – and leverage – than they’ve had in years. In response, rental property owners are increasingly offering sweeteners to get new tenants through the door.

"Renters don't have to settle,” said Kara Ng, a senior economist at Zillow. “With more supply on the market than in decades, there are real choices out there — and real room to negotiate on price, perks and terms."

A wave of new apartment construction, particularly across the Sun Belt, has added inventory nationwide, pushing the national rental vacancy rate to 7.3% — up from just 5.6% in 2021, when competition for apartments was at its most intense in years. With more units sitting empty, property managers are trying to keep units filled by offering incentives.

Not surprisingly, the markets with the highest share of concessions are places where apartment construction has boomed in recent years: Denver, Charlotte, Dallas, Austin and Nashville, markets where landlords are going to great lengths to attract renters.

However, in Zillow’s hottest rental markets, such as Buffalo, Providence, New York, New Orleans and Chicago, concessions are less common.

If you’re able to snag a concession, the savings can add up fast. At a time when you need to earn nearly $77,200 a year to afford the typical U.S. rental, a free month means roughly $1,930 back in your pocket.