New data from Apartments.com offers a window into the rapidly changing expectations of renters and the tactics landlords are using to attract them. The survey, fielded in 2025, reveals a clear shift in how tenants weigh their options—and signals key strategies for property owners looking to fill vacancies in a competitive environment.
The study’s central finding is the outsized influence of rental concessions on leasing choices. With affordability top of mind for many Americans, incentives like a free month of rent are emerging as critical tools for property owners. In fact, 36% of renters told Apartments.com that a free first month would be the strongest motivator to sign a lease when choosing between comparable apartments, far outpacing other types of deals. Even smaller discounts or waived fees don’t come close to persuading tenants in the same way.
More broadly, the data points to the powerful impact of direct incentives: 67% of respondents say rent concessions would significantly or moderately sway their choice between similar apartments. At a time when national vacancy rates are hovering around 8% and rent growth has slowed, even small concessions can be the deciding factor in a renter’s decision.
Interestingly, the survey reveals that price incentives can overshadow concerns about the details of an individual property. An overwhelming 88% of renters said they’d consider overlooking minor flaws—such as dated countertops or lackluster fixtures—if a substantial concession was on offer. This suggests that, for many, immediate savings outweigh the appeal of high-end features, providing landlords with alternatives to costly renovations or upgrades.
Concessions are not simply a fleeting marketing gimmick. The broader context in the multifamily sector shows how the practice has become entrenched as new supply outpaces demand in many metro areas, particularly those with recent construction booms. While only about 12% of stabilized conventional apartment units are currently offering concessions, those that do tend to provide deeper discounts than in prior years—averaging about 9.3%, roughly equivalent to one month’s free rent. The trend is being driven not by weak renter demand, but by a surge of new apartments hitting the market, especially in hotbeds like Dallas, Austin and Atlanta.
The timing of concessions has also become more strategic. Seasonal fluctuations persist: incentives typically rise in the fall and winter months, when moving activity cools, and drop off in the high-demand spring and summer leasing periods. With national apartment completions expected to slow in 2025, most analysts predict that the need for aggressive concessions could recede next year—if demand holds steady.
What does all this mean for owners and operators? For one, the research suggests that visible, easy-to-understand incentives can dramatically boost interest in a property. Ninety-five percent of survey respondents said they would be more likely, or potentially more likely, to inquire about a listing that advertised a concession. This means that in today’s crowded rental market, highlighting a move-in special or another perk in property listings can be as crucial as professional photography or competitive pricing.
The survey also hints at generational differences. Millennials, in particular, demonstrate a higher willingness to overlook imperfections if the value of the concession matches their priorities. For property managers wary of vacant units, this age cohort’s flexibility may justify short-term sacrifices for long-term gains in occupancy and stability.
Ultimately, the most significant implication for the multifamily space is a recalibration in how value is communicated—and delivered—to prospective tenants. While premium finishes and luxury amenities still have their place, meaningful price-based incentives are now a core element in the leasing playbook. With renters increasingly attuned to upfront savings, especially as budgets are stretched, property owners must weigh the temporary loss of rental income against the greater cost of prolonged vacancies.
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