Zillow Reports 39.8% Rental Concessions Rate as Vacancy Hits 7.3%
ZG•Zillow reported that 39.8% of rental listings offered concessions this spring, up 5 percentage points year-over-year, marking the highest seasonal level on record. Denver (68.3%), Charlotte (66.6%) and Dallas (64.2%) top markets as national rental vacancy rate climbs to 7.3% from 5.6% in 2021.
1. Record seasonal high in rental concessions
Zillow's spring rental report shows 39.8% of listings offered move-in incentives such as free rent, waived fees and discounted move-in costs, a 5 percentage-point increase from last year and the highest level recorded for this season.
2. Vacancy rate surge reflects supply growth
A wave of new apartment completions nationwide has pushed the national rental vacancy rate to 7.3%, up from 5.6% in 2021, giving renters stronger negotiating leverage and prompting property managers to sweeten deals to fill units.
3. Regional concession leaders
Denver leads with 68.3% of listings offering concessions, followed by Charlotte at 66.6% and Dallas at 64.2%; markets with booming construction see the steepest concession rates, while New York and San Francisco remain below 30%.
