Landlords Are Offering Major Concessions in These Markets as Vacancies Rise

While homebuyers struggled with mounting borrowing costs this summer, renters found relief as landlords offered concessions to fill vacant units. In August, the average share of rental listings on Realtor.com® offering perks—from waived application fees to rent credits and rent-free months—reached 43.5% across the 50 largest U.S. metros, up from 40.4% a year ago, according to the Realtor.com monthly rent report.At the same time, the median asking rent registered at $1,699, having dropped $65 from its summer 2022 peak."Combined with softening median asking rents and a growing concession rate, this suggests renters have more negotiating power and more options to find favorable deals in today's market," says Realtor.com senior economist Jiayi Xu.Five metros, all tellingly located in the well-supplied West and South, stood out from the crowd for offering the nation's highest concession rates topping 65%. Denver took pole position with a concession rate of 71.9%, meaning that nearly 3 out of 4 for-rent listings came with concessions. Austin, TX, was a close second with 70.7%, followed by Las Vegas (69.6%), Nashville, TN (69%), and San Antonio, TX (67.9%). Building booms and vacancy rate...