One-third of property managers are offering concessions as rental ...

Aug 12, 2024 · The rental vacancy rate held steady at 6.6%. The last time a higher share of rentals sat empty was winter 2021. SEATTLE, Aug. 12, 2024 /PRNewswire/ -- More property …

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One-third Of Property Managers Are Offering Concessions As Rental ...

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Aug 12, 2024 · The rental vacancy rate held steady at 6.6%. The last time a higher share of rentals sat empty was winter 2021. SEATTLE, Aug. 12, 2024 /PRNewswire/ -- More property …

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One-third Of Property Managers Are Offering Concessions As Rental ...

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Aug 12, 2024 · The share of rental listings on Zillow offering at least one concession was at a 29-month low in July 2022 at 19.4%. That share has climbed considerably since then, peaking at …

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Are property managers offering concessions?

( NewsNation) — One-third of property managers are now offering concessions such as free parking or free weeks of rent as the rental market cools down. New data from Zillow reveals that 33.2% of rental listings on the platform offered some form of concession in July, up slightly from 33% in June and 24.5% a year earlier. ...

Should a property manager use free parking as a rent concession?

Property managers who use free or discounted parking as a rent concession could encourage more potential tenants to apply for their vacant units. Tenants who are handy with tools can often negotiate lower rent in exchange for helping to renovate and improve the landlord’s property. ...

How many rental listings have a concession?

The share of rental listings with a concession — a sweetener such as free weeks of rent or free parking offered as an incentive to renters — jumped sharply last fall, and has persistently remained near one in three rentals with a concession in the months since. ...

When do landlords offer concessions?

“When rents fall or hold steady, concessions become more common,” adds Fairweather. In Sun Belt cities like Tampa and Austin, supply far outweighs demand, so a greater percentage of landlords are offering concessions. Nationwide, one-third of property managers offered concessions in mid-2024. ...

Should you offer rent concessions?

If your rental market is ultra-competitive and real estate rivals are scooping up tenants while your units sit vacant, it’s probably a good time to consider rent concessions. Offering enticing incentives to renters could be the secret ingredient that pushes tenants away from competitors and into your open arms (or vacant units). ...

How can concessions improve the long-term rental market?

Concessions can also improve the long-term rental market by helping property managers entice new tenants in times of low demand. “They’re a way of breathing life back into their own market, in a sense,” she notes. Finding incentives and concessions on an online marketplace is easy. ...