Tenant Concessions Rise During COVID as Rental Market Softens in U.S.

Based on new data from Zillow, residential rental concessions are now nearly twice as common as they were in February 2020, as landlords strive to attract new tenants in a rental market that has softened considerably since the coronavirus pandemic took hold.

The share of residential rental listings on Zillow that advertise some form of concession rose from 16.2% in February to 30.4% in July. That includes discounts like free months of rent or parking, offering a gift card, or even waiving a deposit fee. Only 12.5% of rentals advertised concessions last July.


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