Renters this spring have more options, more inventory and more leverage than at any point since before the pandemic.
Rental concessions have more than doubled since before the pandemic, with nearly 2 in 5 listings now offering free rent, waived fees or discounted move-in costs, handing renters their strongest negotiating position in years, according to a new Zillow analysis.
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The 39.8 percent share of listings carrying concessions this spring is up five percentage points from a year ago and more than twice the pre-pandemic rate of roughly 1 in 6, Zillow reported.
The national rental vacancy rate is driving this trend; it has climbed to 7.3 percent, up from 5.6 percent in 2021, as a wave of apartment construction across the Sun Belt added inventory.
Not all markets look the same, though. Denver leads at 68.3 percent of listings offering concessions, followed by Charlotte at 66.6 percent and Dallas at 64.2 percent, all markets where construction has been concentrated. Buffalo sits at the opposite end at 11.1 percent, where competition among renters remains tight. And not every market followed the national trend. San Francisco dropped eight percentage points year over year, San Jose fell 6.5 points, and Baltimore declined 3.6 points, Zillow data shows.
For property managers and rental agents, Zillow’s data reveals a couple of important insights: Nearly 6 in 10 renters said seeing fees and lease terms upfront is essential, and more than half said a private tour is required before signing.
“Renters don’t have to settle this spring,” said Zillow Senior Economist Kara Ng. “With more supply on the market than in decades, there are real choices out there — and real room to negotiate.”
