Nearly 40% of listings come with perks this spring (April Rental Report)
Rental concessions hit a record high for April as property managers compete for tenants.
- 39.8% of rentals on Zillow offered concessions this spring — up 5 percentage points from a year ago, according to a new Zillow analysis.
- Incentives are most common in Denver (68.3%), Charlotte (66.6%) and Dallas (64.2%).
- The share of listings offering concessions has more than doubled since before the pandemic.
This spring has something extra for renters: the most deals ever for this time of year. Concessions — 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. Before the pandemic, it was closer to 1 in 6. The shift reflects a market where supply has outpaced demand. Renters now have more options and leverage than they’ve had in years. In response, property managers are increasingly offering sweeteners to get tenants through the door.
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, when competition for apartments was at its most intense in years. With more units sitting empty, property managers are trying to keep units filled by offering incentives.
Not coincidentally, the markets with the highest share of concessions are places where apartment construction has boomed in recent years: Denver (68.3%), Charlotte (66.6%), Dallas (64.2%), Austin (63.8%) and Nashville (62.6%). In these cities, property managers are going to great lengths to attract renters.
In Zillow’s hottest rental markets, places where competition among renters remains fierce, property managers don’t need to offer as many sweeteners to fill units. Concessions are lowest in Buffalo (11.1%), Providence (12.6%), New York (18.4%), New Orleans (19.2%) and Chicago (21.7%).
For renters who land a concession, the savings can add up fast. At a time when you need to earn nearly $77,200 a year to afford the typical U.S. rental, a free month means roughly $1,930 back in your pocket — and some renters are walking away with even more than that. According to Zillow’s Consumer Housing Trends Report, about a third of recent renters said the best concession is at least their first month’s rent free, meaning thousands in savings. Over the course of a lease, that kind of cushion can meaningfully shift a monthly budget, help build an emergency fund or go toward saving for a down payment.
| Metro | Share of Rental Listings on Zillow Offering a Concession | Share of Rental Listings on Zillow Offering a Concession, Year-over-Year Change | Typical Rent, Zillow Observed Rent Index (ZORI) | Income Needed to Afford Rent |
| United States | 39.8% | 5.0% | $1,930 | $77,186 |
| New York, NY | 18.4% | 1.7% | $3,406 | $136,242 |
| Los Angeles, CA | 30.9% | 3.9% | $2,892 | $115,663 |
| Chicago, IL | 21.7% | -0.1% | $2,219 | $88,775 |
| Dallas, TX | 64.2% | 10.4% | $1,660 | $66,406 |
| Houston, TX | 51.8% | 5.5% | $1,619 | $64,769 |
| Washington, DC | 57.9% | 6.9% | $2,375 | $94,982 |
| Philadelphia, PA | 34.3% | 3.0% | $1,901 | $76,023 |
| Miami, FL | 28.9% | 5.4% | $2,683 | $107,317 |
| Atlanta, GA | 59.1% | 4.9% | $1,825 | $72,995 |
| Boston, MA | 31.1% | 8.2% | $3,184 | $127,355 |
| Phoenix, AZ | 59.9% | 8.4% | $1,741 | $69,622 |
| San Francisco, CA | 27.1% | -8.0% | $3,206 | $128,240 |
| Riverside, CA | 28.7% | 2.7% | $2,510 | $100,415 |
| Detroit, MI | 26.1% | 2.1% | $1,481 | $59,228 |
| Seattle, WA | 54.2% | 5.4% | $2,208 | $88,309 |
| Minneapolis, MN | 39.1% | -0.9% | $1,698 | $67,936 |
| San Diego, CA | 38.0% | 7.0% | $2,914 | $116,556 |
| Tampa, FL | 50.4% | 10.3% | $1,997 | $79,888 |
| Denver, CO | 68.3% | 5.8% | $1,887 | $75,482 |
| Baltimore, MD | 37.7% | -3.6% | $1,894 | $75,759 |
| St. Louis, MO | 26.8% | 3.9% | $1,436 | $57,444 |
| Orlando, FL | 53.4% | 4.7% | $1,963 | $78,509 |
| Charlotte, NC | 66.6% | 2.0% | $1,733 | $69,337 |
| San Antonio, TX | 55.6% | 4.9% | $1,398 | $55,904 |
| Portland, OR | 49.0% | 5.1% | $1,789 | $71,556 |
| Sacramento, CA | 31.6% | 4.3% | $2,258 | $90,301 |
| Pittsburgh, PA | 27.1% | 5.9% | $1,507 | $60,298 |
| Cincinnati, OH | 28.6% | 8.2% | $1,557 | $62,295 |
| Austin, TX | 63.8% | 1.0% | $1,604 | $64,144 |
| Las Vegas, NV | 53.0% | 10.1% | $1,734 | $69,345 |
| Kansas City, MO | 35.3% | 7.3% | $1,526 | $61,035 |
| Columbus, OH | 47.1% | 12.6% | $1,516 | $60,623 |
| Indianapolis, IN | 48.9% | 12.2% | $1,517 | $60,667 |
| Cleveland, OH | 26.3% | 4.2% | $1,441 | $57,628 |
| San Jose, CA | 32.5% | -6.5% | $3,534 | $141,366 |
| Nashville, TN | 62.6% | 5.2% | $1,784 | $71,377 |
| Virginia Beach, VA | 30.7% | 4.4% | $1,843 | $73,717 |
| Providence, RI | 12.6% | 2.3% | $2,154 | $86,177 |
| Jacksonville, FL | 48.9% | 1.0% | $1,692 | $67,695 |
| Milwaukee, WI | 22.9% | -0.4% | $1,540 | $61,594 |
| Oklahoma City, OK | 30.9% | 6.2% | $1,392 | $55,688 |
| Raleigh, NC | 62.9% | 2.9% | $1,674 | $66,973 |
| Memphis, TN | 43.0% | 13.1% | $1,432 | $57,281 |
| Richmond, VA | 48.0% | 7.9% | $1,736 | $69,448 |
| Louisville, KY | 42.5% | 10.0% | $1,377 | $55,098 |
| New Orleans, LA | 19.2% | 8.1% | $1,615 | $64,606 |
| Salt Lake City, UT | 62.5% | 3.1% | $1,631 | $65,224 |
| Hartford, CT | 24.9% | 6.4% | $1,940 | $77,605 |
| Buffalo, NY | 11.1% | 2.2% | $1,417 | $56,694 |
| Birmingham, AL | 43.7% | 17.7% | $1,422 | $56,867 |
*Table ordered by market size
Rents
- The typical asking rent is $1,930 in April, up 0.6% month-over-month. The pre-pandemic average month-over-month change for this time of year is 0.7%.
- Since the beginning of the pandemic, rents have increased by 36.9%.
- Rents are now 1.9% up from last year.
- Rents fell, on a monthly basis, in 2 major metro areas. The largest monthly drops are in Cleveland (-0.2%) and Buffalo (-0.1%).
- Rents are up from year-ago levels in 39 of the 50 largest metro areas. Annual rent increases are highest in San Francisco (6.5%), Virginia Beach (6%), Chicago (5.4%), San Jose (5.1%), and Providence (4.7%).
Single-Family Rents
- The typical asking rent for single-family homes is $2,252 in April, up 0.6% month-over-month. Since the beginning of the pandemic, single-family rents have increased by 45.7%.
- Single-family rents are now up 2.7% from last year.
- Single-family rents fell, on a monthly basis, in 2 major metro areas. The largest monthly drops in single-family rents are in Cleveland (-0.3%) and Baltimore (-0.3%).
- Single-family rents are up from year-ago levels in all 50 of the largest metro areas. Annual single-family rent increases are highest in Providence (7.8%), Buffalo (6%), Milwaukee (5.6%), Virginia Beach (5.3%), and Cincinnati (5.2%).
Multifamily Rents
- The typical asking rent for multifamily homes is $1,770 in April, up 0.5% month-over-month. Since the beginning of the pandemic, multifamily rents have increased by 28.6%.
- Multifamily rents are now up 1.3% from last year.
- Multifamily rents fell, on a monthly basis, in 3 major metro areas. The largest monthly drops in multifamily rents are in Buffalo (-0.2%), Cleveland (-0.2%) and San Antonio (-0.1%).
- Multifamily rents are up from year-ago levels in 34 of the 50 largest metro areas. Annual multifamily rent increases are highest in San Francisco (6.2%), Virginia Beach (5.8%), Chicago (5.3%), San Jose (4.9%), and Providence (4.2%).
Rent Concessions
- 39.8% of rentals on Zillow offered concessions in April.
- The share of rental listings offering concessions was steady month-over-month in April.
- The share of rental listings offering concessions increased by 5ppts from last year.
- The share of rentals with concessions is lower, on a monthly basis, in 24 major metro areas. The largest monthly drops in the share of rentals with concessions are in Milwaukee (-3.8ppts), Salt Lake City (-3.4ppts), San Jose (-2.2ppts), Baltimore (-2ppts), and San Antonio (-1.7ppts).
- The share of rentals with concessions is higher, on a monthly basis, in 26 major metro areas. The largest monthly increases in the share of rentals with concessions are in Cincinnati (2.6ppts), Charlotte (2.5ppts), Columbus (1.7ppts), Riverside (1.3ppts), and Birmingham (1.3ppts).
- Rent concessions are up from year-ago levels in 44 of the 50 largest metro areas. The annual increase in share of rental listings with concessions is highest in Birmingham (17.7ppts), Memphis (13.1ppts), Columbus (12.6ppts), Indianapolis (12.2ppts), and Dallas (10.4ppts).
Rent Affordability
- The median household would spend 26.7% of their income on a new rental in April.
- Rent affordability was flat month-over-month in April. The pre-pandemic share of median household income spent on rent was 26%.
- Rent affordability is now 0.4ppts down from last year.
- The most affordable metro areas for rents are Austin (18.4%), Salt Lake City (18.4%), Raleigh (18.5%), Minneapolis (19.7%), and Denver (19.8%).
- The least affordable metro areas for rents are New York (38.8%), Miami (37.5%), Los Angeles (33.8%), Riverside (31.2%), and Boston (30.4%).
- Income needed to afford rent increased by 1.7% year-over-year in April to $77,186. Since pre-pandemic, the income needed to afford rent has increased by 35.6%.
