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.
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.
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
Most Popular... This Week • Last 30 Days • Ever
After a slew of developments delivered in Ballston last year, — totaling over 1,000... read »
The planned 8-unit development would be located on K Street right along the Potomac R... read »
Loan recasting is a growing practice- so what is it?... read »
The project would replace a concrete plant and would deliver the neighborhood's first... read »
The next phase on the Center Block would deliver 166 apartments and 221 hotel rooms.... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
STAY DC provides rental aid and utility payment grants to at-risk District residents ... read »
Federal Realty plans to eventually file a planned unit development application for th... read »
The project would also deliver new office space for the fraternity, which has been at... 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