Faced with a national rental vacancy rate that has risen to 7.3%, property managers are competing for tenants by offering more incentives than ever before to attract potential renters, according to Zillow’s April 2026 Rental Market Report.
Nearly 40% of rental listings are now offering some form of concessions, like a free month of rent, waived fees and discounted move-in costs. This is up five percentage points from a year ago, Zillow reported, and is more than double the number of listings that offered concessions before the pandemic.
The Seattle-based real estate and rental platform described the current market as one where supply has outpaced demand.
“Renters don’t have to settle this spring. With more supply on the market than in decades, there are real choices out there — and real room to negotiate on price, perks and terms,” Zillow Senior Economist Kara Ng commented in a press release accompanying the report. “Renters are in a position to push for a better deal, and property managers are ready to give them one.”
New apartment construction, particularly throughout the Sun Belt, has added inventory nationwide, driving the national vacancy rate to 7.3%. In 2021, when competition for apartments was at its most intense in years, the vacancy rate stood at 5.6%.
The highest share of concessions in April were seen in markets where apartment construction has experienced strong growth, including Denver (68.3%); Charlotte, N.C. (66.6%); Dallas (64.2%); Austin, Texas (63.8%); and Nashville, Tenn. (62.6%).
“Property managers are going to great lengths to attract renters” in those cities, Ng commented in the report.
In the hottest markets, where competition among renters remains fierce, property managers don’t need to offer as many concessions, Zillow observed. Cities falling into that category include Buffalo, N.Y., where 11.1% of listings offered concessions in April, as well as Providence, R.I. (12.6%), New York City (18.4%), New Orleans (19.2%) and Chicago (21.7%).
According to Zillow’s Consumer Housing Trends Report, about a third of recent renters said the most desirable concession is getting at least their first month’s rent free.
“For renters who land a concession, the savings can add up fast,” Zillow commented in its report. “At a time when you need to earn nearly $77,200 a year to afford the typical U.S. rental, a free month means roughly $1,930 back in your pocket — and some renters are walking away with even more than that.”
