Nearly half of all rental listings in San Antonio are offering some sort of concession as the national housing market continues to nosedive, according to new data from home buying marketplace Zillow.
The generous offers from apartment complexes and mom-and-pop landlords are the result of a post-pandemic building frenzy fueled by low interest rates and higher-than-usual demand, according to Zillow. Indeed, nearly 60,000 multifamily units were completed in June. According to Zillow, that’s more than in any month in the past 50 years. What’s more, rents could continue to decline nationally as the economy slows.
Austin had the highest percentage of landlords offering concessions to renters, with 50.5% of listings offering special discounts. Meanwhile, Dallas took the No. 2 spot at 47.6%, while only 35.4% of Houston landlords are offering concessions to prospective renters.