It's a renter's market: 2 in 5 listings come with a deal this spring

Rental concessions — move-in incentives and other freebies — hit a record high for this time of year 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. , /PRNewswire/ -- This spring has something extra for renters: the most deals ever for this time of year. According to Zillow's latest rental report, 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. "Renters don't have to settle this spring. With more supply on the market than in decades, there are real choices out there — and real room to negotiate on price, perks and terms," said Zillow® Senior Economist Kara Ng. "Renters are in a position to push for a better deal, and property managers are ready to give them one." 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. For property managers, this market rewards transparency and ease. Renters are doing their homework: Nearly 6 in 10 say seeing fees and lease terms upfront is essential, and more than half say a private tour is a must before signing. Listing concessions prominently and enabling Instant Tours are simple steps that can make the difference between a lease signed and a unit left empty. 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 About Zillow Group Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate app and website in the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more. Zillow's ecosystem spans the entire home journey — from dreaming and shopping to renting, buying, selling and financing. 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