Landlords are offering more than just a roof these days — they’re adding incentives like free rent, parking, and reduced security deposits to draw in tenants. After rent prices skyrocketed in recent years, we’re now seeing a slowdown due to increased vacancies and stalled rental growth. In June, ~60K multifamily units were completed in the US, the largest rise since 1973 — giving tenants more options and stronger bargaining power, leading landlords across the nation to offer more perks.

• According to Zillow, 33.2% of rental listings now include concessions — up from last year’s 25.4%.
• Even though rent offers have increased in 45 of the 50 largest metro areas, the rental vacancy rate has still increased by 0.3 percentage points compared to last year.

Rent squeeze: While concessions have made housing slightly more affordable, housing and rent continue to be significant expenses. In July, the typical rent in the US edged up 0.4% to ~$2.1K, maintaining a pattern of slower increases — with households spending ~30% of their income on rent. Zillow’s Divounguy tells CNN that he’s optimistic that the lower mortgage rates may encourage renters to buy homes, potentially easing rental price pressure.