Free Rent? DC Area Leads the Way When It Comes to Rental Concessions
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While the apartment market in some U.S. metro areas has responded to pandemic-induced soft demand by lowering rental rates, the market elsewhere is turning to concessions. And a new Zillow study identifies the DC area as one of the main places where landlords are using concessions to entice prospective renters.
According to Zillow, 57.5% of rental listings located in the DC area included at least one concession in July compared to 27.4% of listings in July 2019. The Charlotte, North Carolina region comes second out of the 50 largest metro areas with 53% of rental listings advertising concessions.
Concessions range from an offer for free rent or parking to a waived or reduced security deposit, application fee, or broker fee to a gift card. Nationwide, the number of rental listings with concessions this year went from 16% in February to 30% in July. Nearly 91% of the concessions offered have been for free rent, with a median of six weeks free.
The study only looks at rental listings advertised on Zillow.
Thumbnail image courtesy of Ted Eytan.
See other articles related to: concessions, dc area rental market, rental concessions, zillow
This article originally published at https://dc.urbanturf.com/articles/blog/free-rent-dc-area-leads-nationwide-in-offering-rental-concessions/17265.
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