Residential rental concessions are hitting a two-year high with 30% of listing offering at least one concessions, according to Zillow based on its own rental listings. The previous recent high was in February 2021, where 37% of listings offered concessions.
Because the data set is all through Zillow, it would be considered self-selected and so unlikely to be statistically representative of the entire country. However, it also is a large number of rental listings and not something to be ignored offhand.
There has been an ongoing trend this year of more landlords and property managers relying on concessions as a marketing technique. They work with the assumption that resulting downward pressure on realized rents is worth the tradeoff for lowering vacancy rates and maintaining revenue.
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