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.
This article originally published at https://dc.urbanturf.com/articles/blog/free-rent-dc-area-leads-nationwide-in-offering-rental-concessions/17265.
Most Popular... This Week • Last 30 Days • Ever
There are two new proposals to redevelop the center at 14th and U Streets NW that are... read »
Dupont Circle’s Swann House, a former 15-bedroom bed and breakfast, will be listed ... read »
A recent build in Anacostia made history as the first code-compliant bamboo building ... read »
The recently-filed amendment would help move redevelopment of a police and fire stati... read »
A recent filing with DC indicates that a large new residential development in Glover ... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
Why condo fees are high in some buildings and low in others can be a difficult questi... read »
Post Brothers has plans in the works to convert the Universal buildings into a sprawl... read »
The two-building project will include approximately 825 residential units, 151 lodgin... read »
The M Street building was built in the early 1980s.... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro