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Free Rent? Over Six in 10 DC-Area Rental Listings Offer a Concession

by Nena Perry-Brown

A few months ago, a nationwide study found that rental listings offering concessions are most prevalent in the DC area. Not only is this still the case, but these enticements have become more common. 

A new Zillow report states that 62.4% of rental listings on its site in the DC area included at least one concession in October, up from 57.5% of listings in July. In contrast, 33% of listings in the DC area in October 2019 had concessions. Nationwide, more than one-third of rental listings had a concession in October — up from 20% in March.

Share of DC-area rental listings with concessions advertised. Click to enlarge.

Thus far, the concessions seem to be working on Generation Z, nearly half of whom reported that they recently rented because of a concession. In the DC area, the concessions saved these renters the equivalent of two months rent over a 12-month lease.

The most common concession in the DC area is free rent, which was offered in 88% of listings with concessions. Free parking came in a distant second, offered in 16.7% of listings, followed by a gift card, a waived or reduced security deposit, and a waived application fee.

The study only looks at rental listings advertised on Zillow.

Thumbnail image courtesy of Ted Eytan

See other articles related to: zillow, rental concessions, concessions

This article originally published at http://dc.urbanturf.com/articles/blog/free-rent-over-six-in-10-dc-area-rental-listings-offer-a-concession/17553

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