Renters Are Seeing More Concessions This Spring -- Market Talk

Dow Jones05-27

1026 ET - For renters, this spring is seeing most deals ever for this time of year, Zillow says. Incentives such as free rent, waived fees and discounted move-in costs are showing up on nearly 40% of listings. For renters, that can translate into meaningful savings both upfront and over the course of a lease. A year ago, roughly 1 in 3 rental listings offered a concession. The shift reflects a market where supply has outpaced demand. Renters now have more options and leverage than they've had in years. 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. Concessions are lowest in Buffalo, Providence, and New York City. (chris.wack@wsj.com)

(END) Dow Jones Newswires

May 27, 2026 10:26 ET (14:26 GMT)

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Renters now have more options and leverage than they've had in years. 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. Concessions are lowest in Buffalo, Providence, and New York City. 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Incentives such as free rent, waived fees and discounted move-in costs are showing up on nearly 40% of listings. For renters, that can translate into meaningful savings both upfront and over the course of a lease. A year ago, roughly 1 in 3 rental listings offered a concession. The shift reflects a market where supply has outpaced demand. Renters now have more options and leverage than they've had in years. 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. Concessions are lowest in Buffalo, Providence, and New York City. 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