More landlords offer incentives to get more renters

Rent prices have skyrocketed in the past few years, but renters might be finding a bit of an edge now. More rentals are sitting empty — leading landlords to look for ways to sweeten the pot.

Zillow said the share of listings offering incentives , like free parking or a few weeks rent-free, is up to 33.2%. That is a big difference compared to August 2023, when only 25.4% of landlords were offering incentives.

Zillow also said it found six metro areas where these deals are especially popular. More than half the rental listings on Zillow are offering incentives in Raleigh, North Carolina; Charlotte, North Carolina; Atlanta, Georgia; Salt Lake City, Utah; Nashville, Tennessee; and Austin, Texas.

According to the Bureau of Labor Statistics , housing accounted for almost 90% of the monthly increase in consumer prices across the economy in July, up 5.1% from last year. Zillow also said apartment rents are still getting more expensive , also up 5.1% over the past two years.

However, there has been a building boom for apartments and that is working in renters’ favor.

In June 2024, nearly 60,000 multifamily units were completed across the United States , according to government data — the biggest increase in supply since 1973. That made it harder for landlords to fill some units. The rental vacancy rate is 6.6% , the highest it has been since the winter of 2021.

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