Renters Are Winning This Spring: Nearly 40% of Listings Now Come With Perks
If you are searching for a new apartment this spring, you may be in luck. According to the latest Zillow April Rental Report, approximately 39.8% of rental listings on the platform are currently offering concessions — the highest share ever recorded for this time of year. Whether you are a first-time renter or a seasoned tenant looking to negotiate a better deal, 2025 may be the best time in years to sign a lease and walk away with meaningful savings.
Concessions in the rental market typically include incentives such as free rent for one or more months, waived application or administrative fees, discounted move-in costs, or reduced security deposits. These perks may seem small on paper, but they can translate into hundreds or even thousands of dollars in savings over the life of a lease. Understanding where these concessions are most common — and why landlords are offering them — can give renters a significant edge in today's market.
How Did We Get Here? The Story Behind the Surge in Concessions
To understand why nearly 40% of rental listings are now sweetened with perks, it helps to look at the broader trajectory of the rental market over the past several years. Just a few years ago, during the height of the pandemic-era housing frenzy, renters faced an extremely competitive landscape. Vacancy rates plummeted, rents surged, and landlords had little reason to offer incentives of any kind. The national rental vacancy rate hit just 5.6% in 2021, meaning nearly every available unit was quickly snapped up.
Fast forward to 2025, and the picture has changed dramatically. A sustained wave of new apartment construction — particularly across Sun Belt cities — has added substantial inventory to the national rental supply. The national rental vacancy rate has climbed to 7.3%, up significantly from that 2021 low. With more units sitting empty for longer periods, property managers and landlords have had to adapt their strategies to attract and retain tenants. Offering concessions has become one of the most effective tools in their arsenal.
The numbers tell a striking story about how far the market has shifted. A year ago, roughly one in three rental listings offered a concession. Before the pandemic, it was closer to one in six. Today, that share has essentially doubled compared to pre-pandemic levels, signaling a fundamental change in the balance of power between renters and landlords.
Where Are Concessions Most Common?
While renters across the country are benefiting from increased concessions, certain markets stand out as especially renter-friendly this spring. Not surprisingly, the cities leading the pack in concession rates are the same ones that have seen the most aggressive apartment construction over the past few years.
- Denver, Colorado — 68.3%: Nearly seven out of ten rental listings in Denver currently offer some form of concession, making it the most incentive-rich rental market in the country right now. A building boom in the Denver metro area has dramatically increased supply, giving renters enormous leverage.
- Charlotte, North Carolina — 66.6%: Charlotte has been one of the fastest-growing cities in the United States, attracting both residents and developers alike. The resulting surge in new apartments has pushed concession rates to more than two-thirds of all listings.
- Dallas, Texas — 64.2%: The Dallas-Fort Worth metroplex has seen extraordinary multifamily construction activity, and renters are reaping the rewards. Nearly two-thirds of listings in the area now come with added perks.
- Austin, Texas — 63.8%: Austin, which experienced some of the steepest rent increases in the nation during the pandemic years, has seen a dramatic reversal. A flood of new supply has tipped the scales firmly in favor of renters.
- Nashville, Tennessee: Nashville rounds out the top markets where construction booms have translated directly into concession-heavy rental listings, giving tenants in Music City more options and bargaining power than ever before.
What Types of Concessions Should Renters Look For?
Not all concessions are created equal, and knowing what to look for can help renters maximize their savings. Here are the most common types of rental concessions available in today's market.
Free Rent Periods
One of the most valuable concessions a landlord can offer is one or more months of free rent, typically given at the beginning of a new lease. For a renter paying $1,500 per month, a single month of free rent represents a 1,500-dollar savings — and some listings in competitive markets are offering two or even three months free.
Waived Fees
Application fees, administrative fees, and pet deposits can add up quickly during the move-in process. Many landlords are now waiving these costs entirely as a way to reduce the financial barrier to signing a lease. This type of concession may not make headlines, but it can save renters several hundred dollars upfront.
Reduced Move-In Costs
Some properties are offering discounted first and last month's rent, reduced security deposits, or other financial incentives designed to lower the total upfront cost of moving in. For renters who may be stretching their budgets to afford a new apartment, these concessions can make a meaningful difference.
How Renters Can Take Advantage of This Market
With so many listings offering perks, renters are in a stronger negotiating position than they have been in years. Here are a few practical strategies to make the most of the current environment.
Do Your Research Before You Visit
Use platforms like Zillow to filter listings by concessions before scheduling showings. Knowing which properties are already advertising incentives puts you in a better position to compare offers and ask informed questions.
Negotiate Even When Concessions Are Already Listed
Just because a listing already includes a perk does not mean that is the best deal available. In markets where vacancy rates are elevated, landlords are often willing to stack concessions or offer additional incentives if it means securing a reliable, long-term tenant. Do not be afraid to ask for more.
Consider Longer Lease Terms
Landlords who are eager to fill vacant units may be more willing to offer attractive concessions in exchange for a longer lease commitment. If you plan to stay in an area for multiple years, signing an 18-month or 24-month lease could unlock better deals than a standard 12-month agreement.
The Bigger Picture: What This Means for the Rental Market
The surge in rental concessions is more than just a collection of individual deals — it reflects a significant structural shift in the U.S. housing market. For years, renters were largely at the mercy of landlords who could afford to be selective in an environment where demand consistently outstripped supply. That dynamic has now reversed in many parts of the country, particularly in Sun Belt metros where construction pipelines have delivered record numbers of new units.
While rising vacancy rates and increased concessions are positive developments for renters, economists and housing analysts are watching closely to see whether this softening trend will eventually put downward pressure on asking rents more broadly. For now, the data is clear: spring 2025 is an unusually favorable time to be searching for a new apartment, and renters who do their homework stand to benefit significantly from the most competitive rental environment in recent memory.