As rental market cools, one-third of property managers offer things like free weeks of rent or parking

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A new report from Zillow finds that property managers offered incentives on their rental properties in July as rent growth slowed.

An improvement in the rental market is giving consumers seeking housing more choices and even quality deals. One-third of property managers are offering concessions such as free weeks of rent or free parking as an incentive to rent in July. A recent report from Zillow shows that rental listings offering consumers at least one concession has risen to 33.6% in April 2024 compared to only 19.4% in July 2022. RELATED: US housing shortage grew to 4.

However, Baltimore, Milwaukee and Pittsburgh and San Jose, California, are the four cities that had fewer rental concessions in July compared to 2023. "Builders have stepped up and built an incredible number of homes in response to soaring rents during the pandemic, and renters are now seeing the benefits," Zillow Chief Economist Skylar Olsen said in a statement in a company release.

 

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