Housing market rent incentives hit a 12-year record as lower demand and higher supply drive apartment concessions

Finally, some good news for renters: Housing rental market concessions are at their highest level in over a decade, as lower demand and higher supply drive landlords to compete for prospective tenants by offering all sorts of incentives and freebies. Let’s take a look at the numbers. In January, 16.6% of stabilized apartments in the U.S. were offering some type of concession, one point higher than the previous month, and the highest since over a decade ago in 2014, according to RealPage Market Analytics as reported by CNBC. What is a rent concession? Rent concessions are generally one-time incentives, freebies, or perks, such as free rent for a few months, free parking, or waiving a security deposit. They are a way to attract tenants by reducing the short-term cost of housing when signing a lease, but not actually lowering the rent price, according to Redfin. Landlords tend to offer these types of perks when demand for rentals is low, flat, or even falling, as it is in some regio