Landlords Offer Concessions as U.S. Rental Market Cools
Nearly 40% of landlords in the U.S. are offering concessions such as free rent or waived fees to attract tenants in a cooling rental market. According to Zillow, rent growth has slowed to its weakest pace since 2020, with asking rents for apartments and homes averaging $1,910, a 1.8% increase year-over-year. Despite the rise in rents, income growth has outpaced these increases, slightly easing affordability pressures. The share of income spent on rent by the median household has decreased from 29.4% to 26.5%. The increase in rental concessions is attributed to a supply wave that has finally caught up with demand, providing renters with more options and forcing landlords to be more competitive. 
