Home | Newsletter | Advertise
loading...

Free Rent? DC Area Leads the Way When It Comes to Rental Concessions

  • September 9th 2020

by Nena Perry-Brown

✉️ Want to forward this article? Click here.

While the apartment market in some U.S. metro areas has responded to pandemic-induced soft demand by lowering rental rates, the market elsewhere is turning to concessions. And a new Zillow study identifies the DC area as one of the main places where landlords are using concessions to entice prospective renters.

Share of rental listings in DC area with concessions. Click to enlarge.

According to Zillow, 57.5% of rental listings located in the DC area included at least one concession in July compared to 27.4% of listings in July 2019. The Charlotte, North Carolina region comes second out of the 50 largest metro areas with 53% of rental listings advertising concessions.

Concessions range from an offer for free rent or parking to a waived or reduced security deposit, application fee, or broker fee to a gift card. Nationwide, the number of rental listings with concessions this year went from 16% in February to 30% in July. Nearly 91% of the concessions offered have been for free rent, with a median of six weeks free.

The study only looks at rental listings advertised on Zillow.

Thumbnail image courtesy of Ted Eytan. 

See other articles related to: concessions, dc area rental market, rental concessions, zillow

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/free-rent-dc-area-leads-nationwide-in-offering-rental-concessions/17265.

DC Real Estate Guides

Short guides to navigating the DC-area real estate market

We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse