Landlords Are Handing out Freebies — Concessions at Decade High as Renters Cool

The original story by Diana Olick for CNBC.

Apartment landlords are getting generous. About 16.6% of stabilized apartments nationwide offered concessions in January, up from December, as a glut of units and softer renter demand put pressure on the market, according to data from RealPage Market Analytics.

The perks aren’t tiny, either. The average discount in January was 10.7% — roughly the equivalent of five weeks free rent — a sign owners are using price sweeteners to keep units moving now that leasing has slowed.

Why it’s happening: developers have been delivering a steady stream of new multifamily supply while demand from renters has cooled. That combination gives tenants leverage and forces owners to compete with concessions rather than just cutting advertised rent. In short: more apartments + fewer eager renters = freebies.

What renters care about

• If you’re hunting, this is your window — ask for move-in deals, waived fees or extra free weeks.
• Concessions can be structured differently: some are upfront “free rent” offers, others are one-time credits or fee waivers — read the fine print.

What landlords should watch

• Concessions eat into net effective rent and can become a habit that’s hard to reverse.
• Longer-term stability depends on demand re-accelerating or developers slowing deliveries.

The market has flipped from “landlord market” to something closer to a renter’s market in many places — and the concessions data from RealPage Market Analytics shows just how quickly landlords are willing to sweeten deals to fill units.