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Rental concessions — move-in incentives and other freebies — hit a record high for this time of year
SEATTLE, May 27, 2026 /PRNewswire/ -- This spring has something extra for renters: the most deals ever for this time of year. According to Zillow's latest rental report, concessions — incentives such as free rent, waived fees and discounted move-in costs — are showing up on nearly 40% of listings. For renters, that can translate into meaningful savings both upfront and over the course of a lease.
A year ago, roughly 1 in 3 rental listings offered a concession. Before the pandemic, it was closer to 1 in 6. The shift reflects a market where supply has outpaced demand. Renters now have more options and leverage than they've had in years. In response, property managers are increasingly offering sweeteners to get tenants through the door.
"Renters don't have to settle this spring. With more supply on the market than in decades, there are real choices out there — and real room to negotiate on price, perks and terms," said Zillow® Senior Economist Kara Ng. "Renters are in a position to push for a better deal, and property managers are ready to give them one."
A wave of new apartment construction, particularly across the Sun Belt, has added inventory nationwide, pushing the national rental vacancy rate to 7.3% — up from just 5.6% in 2021, when competition for apartments was at its most intense in years. With more units sitting empty, property managers are trying to keep units filled by offering incentives.
Not coincidentally, the markets with the highest share of concessions are places where apartment construction has boomed in recent years: Denver (68.3%), Charlotte (66.6%), Dallas (64.2%), Austin (63.8%) and Nashville (62.6%). In these cities, property managers are going to great lengths to attract renters.
In Zillow's hottest rental markets, places where competition among renters remains fierce, property managers don't need to offer as many sweeteners to fill units. Concessions are lowest in Buffalo (11.1%), Providence (12.6%), New York (18.4%), New Orleans (19.2%) and Chicago (21.7%).
For renters who land a concession, the savings can add up fast. At a time when you need to earn nearly $77,200 a year to afford the typical U.S. rental, a free month means roughly $1,930 back in your pocket — and some renters are walking away with even more than that. According to Zillow's Consumer Housing Trends Report, about a third of recent renters said the best concession is at least their first month's rent free, meaning thousands in savings. Over the course of a lease, that kind of cushion can meaningfully shift a monthly budget, help build an emergency fund or go toward saving for a down payment.
For property managers, this market rewards transparency and ease. Renters are doing their homework: Nearly 6 in 10 say seeing fees and lease terms upfront is essential, and more than half say a private tour is a must before signing. Listing concessions prominently and enabling Instant Tours are simple steps that can make the difference between a lease signed and a unit left empty.
Metro | Share of Rental | Share of Rental Listings | Typical Rent, | Income |
United States | 39.8 % | 5.0 % | $1,930 | $77,186 |
New York, NY | 18.4 % | 1.7 % | $3,406 | $136,242 |
Los Angeles, CA | 30.9 % | 3.9 % | $2,892 | $115,663 |
Chicago, IL | 21.7 % | -0.1 % | $2,219 | $88,775 |
Dallas, TX | 64.2 % | 10.4 % | $1,660 | $66,406 |
Houston, TX | 51.8 % | 5.5 % | $1,619 | $64,769 |
Washington, DC | 57.9 % | 6.9 % | $2,375 | $94,982 |
Philadelphia, PA | 34.3 % | 3.0 % | $1,901 | $76,023 |
Miami, FL | 28.9 % | 5.4 % | $2,683 | $107,317 |
Atlanta, GA | 59.1 % | 4.9 % | $1,825 | $72,995 |
Boston, MA | 31.1 % | 8.2 % | $3,184 | $127,355 |
Phoenix, AZ | 59.9 % | 8.4 % | $1,741 | $69,622 |
San Francisco, CA | 27.1 % | -8.0 % | $3,206 | $128,240 |
Riverside, CA | 28.7 % | 2.7 % | $2,510 | $100,415 |
Detroit, MI | 26.1 % | 2.1 % | $1,481 | $59,228 |
Seattle, WA | 54.2 % | 5.4 % | $2,208 | $88,309 |
Minneapolis, MN | 39.1 % | -0.9 % | $1,698 | $67,936 |
San Diego, CA | 38.0 % | 7.0 % | $2,914 | $116,556 |
Tampa, FL | 50.4 % | 10.3 % | $1,997 | $79,888 |
Denver, CO | 68.3 % | 5.8 % | $1,887 | $75,482 |
Baltimore, MD | 37.7 % | -3.6 % | $1,894 | $75,759 |
St. Louis, MO | 26.8 % | 3.9 % | $1,436 | $57,444 |
Orlando, FL | 53.4 % | 4.7 % | $1,963 | $78,509 |
Charlotte, NC | 66.6 % | 2.0 % | $1,733 | $69,337 |
San Antonio, TX | 55.6 % | 4.9 % | $1,398 | $55,904 |
Portland, OR | 49.0 % | 5.1 % | $1,789 | $71,556 |
Sacramento, CA | 31.6 % | 4.3 % | $2,258 | $90,301 |
Pittsburgh, PA | 27.1 % | 5.9 % | $1,507 | $60,298 |
Cincinnati, OH | 28.6 % | 8.2 % | $1,557 | $62,295 |
Austin, TX | 63.8 % | 1.0 % | $1,604 | $64,144 |
Las Vegas, NV | 53.0 % | 10.1 % | $1,734 | $69,345 |
Kansas City, MO | 35.3 % | 7.3 % | $1,526 | $61,035 |
Columbus, OH | 47.1 % | 12.6 % | $1,516 | $60,623 |
Indianapolis, IN | 48.9 % | 12.2 % | $1,517 | $60,667 |
Cleveland, OH | 26.3 % | 4.2 % | $1,441 | $57,628 |
San Jose, CA | 32.5 % | -6.5 % | $3,534 | $141,366 |
Nashville, TN | 62.6 % | 5.2 % | $1,784 | $71,377 |
Virginia Beach, VA | 30.7 % | 4.4 % | $1,843 | $73,717 |
Providence, RI | 12.6 % | 2.3 % | $2,154 | $86,177 |
Jacksonville, FL | 48.9 % | 1.0 % | $1,692 | $67,695 |
Milwaukee, WI | 22.9 % | -0.4 % | $1,540 | $61,594 |
Oklahoma City, OK | 30.9 % | 6.2 % | $1,392 | $55,688 |
Raleigh, NC | 62.9 % | 2.9 % | $1,674 | $66,973 |
Memphis, TN | 43.0 % | 13.1 % | $1,432 | $57,281 |
Richmond, VA | 48.0 % | 7.9 % | $1,736 | $69,448 |
Louisville, KY | 42.5 % | 10.0 % | $1,377 | $55,098 |
New Orleans, LA | 19.2 % | 8.1 % | $1,615 | $64,606 |
Salt Lake City, UT | 62.5 % | 3.1 % | $1,631 | $65,224 |
Hartford, CT | 24.9 % | 6.4 % | $1,940 | $77,605 |
Buffalo, NY | 11.1 % | 2.2 % | $1,417 | $56,694 |
Birmingham, AL | 43.7 % | 17.7 % | $1,422 | $56,867 |
*Table ordered by market size |
About Zillow Group
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people.
As the most visited real estate app and website in the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more.
Zillow's ecosystem spans the entire home journey — from dreaming and shopping to renting, buying, selling and financing.
Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans®, Zillow Rentals®, Zillow® New Construction, Trulia®, StreetEasy®, Out East®, HotPads®, Follow Up Boss®, ShowingTime®, dotloop® and Zillow® Closing.
All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 2026 MFTB Holdco, Inc., a Zillow affiliate.
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SOURCE Zillow
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