Zillow: Rental concessions on the rise

“Concessions can often be a leading indicator of a coming price drop in that landlords will often offer them first, before reducing rent.”

The percentage of rental listings with concessions nearly double between February and July as annualized rent growth drops by 75% over the same period, but situation is disproportionately impacting multifamily rentals common in urban cores.

“Renters in multifamily and other home types are more likely to receive some sort of concession than those in single-family rentals: 63% of multifamily renters report getting at least one, as do 59% of renters in other home types. Only 35% of single-family renters reported receiving any concessions.”