Zillow Spring Listings Hit Record 39.8% Concessions, Denver Tops at 68.3%

This spring, 39.8% of U.S. rental listings on Zillow offered concessions—a 5 percentage point increase from last year and more than double pre-pandemic levels. The national rental vacancy rate rose to 7.3%, signaling excess supply that is enabling landlords to add incentives like free rent and waived fees.

Concession adoption varies widely by market. Denver led with 68.3% of listings offering incentives, followed by Charlotte at 66.6% and Dallas at 64.2%. Markets with construction booms such as Austin (63.8%) and Nashville (62.6%) also showed elevated concession rates, while New York City fell to 18.4%.

Increased concessions are likely to drive higher renter engagement on Zillow’s platform as tenants search for cost savings. Property managers are using features like Instant Tours and transparent fee listings, potentially boosting Zillow’s subscription and advertising revenue from enhanced listing services.

Continued apartment construction, especially in the Sun Belt, points to sustained supply pressure. If vacancy rates remain elevated, concession levels could stay high, supporting Zillow’s data services but also indicating potential softness in rental price growth.