Concessions are not typically at the top of any hopeful renter’s list of criteria. With both the quantity and quality of concessions increasing nationally, most renters critically underestimate the value and prevalence of these available benefits. Concessions may include, but are not limited to, a free month’s rent, lowered security deposits and lowered monthly payments for longer lease agreements.
You might ask, why would any landlord give away free stuff? From the standpoint of a private landlord or management company, concessions can help attract quality tenants in a highly competitive marketplace and ensure monthly rent will not be lowered. Vacancy rates nationally are at their highest levels since late 2015. As a result, landlords continue to utilize concessions to maintain a competitive advantage in the marketplace.
The fact is, more and more rental units nationally are continuing to offer concessions. According to a presentation at the most recent NMHC Research Forum, 38.6% of rental units nationally are now offering free rent for four to eight weeks, up 7% year-over-year. Furthermore, more than 10% of rental properties are currently offering upwards of eight weeks rent-free. For the renter, this means more money in their pocket at the time of signing.
How might a hopeful renter find a unit that both matches their criteria and offers a quality concession? Rental Beast’s partner agents have access to the most comprehensive concession information available via the Rental Beast database of over 4,500,000 listings nationwide. As such, utilizing the Rental Beast platform is the optimal way for any potential renter to obtain the most value possible while available rental inventory continues to increase nationally.