An apartment construction boom is giving renters more options and better deals

• More new multifamily units were completed in June than in any month in the past 50 years.
• More than half of rentals are offering a concession in Raleigh, Charlotte, Atlanta, Salt Lake City, Nashville and Austin.
• 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 managers offered concessions on their rentals in July as rent growth slowed, new data from Zillow® reveals. The post-pandemic construction frenzy continues to help soften rent growth. More new multifamily units were completed in June than in any month since the 1970s.

The share of rental listings on Zillow offering a concession — a sweetener such as free weeks of rent or free parking offered as an incentive to rent — climbed to 33.2% in July. That’s up slightly from 33% in June and 25.4% a year earlier.

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Source: Zillow – Aug. 2024

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