Property managers have begun offering concessions in a bid to attract new tenants. Why?

A multifamily construction boom (more apartment units were completed in June than in any month in nearly 50 years) has caused the rental market to cool, though rent growth is only marginally softer than 2023.

That’s the word from Zillow, the web-based real estate marketplace.

The concessions being offered to would-be tenants are short-term in nature and include perks such as free weeks of rent or free parking.

The apartment construction frenzy is opening up new options for renters.

Property managers are responding to this cooler market by offering concessions more often. Nationwide, 33.2 percent of rental listings on Zillow offered a concession in July, up from 25.4 percent during 2023.

The typical U.S. rent rose 0.4 percent in July to $2,070, down from 0.5 percent growth in June and 0.6 percent growth in April and May, writes Zillow. Annual rent growth