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
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