US rents fall for 37th straight month as concession rates climb
By contrast, San Jose, California, and San Francisco — where rents rose 4.5% to 4.7%, respectively — recorded the steepest declines in incentive activity, consistent with demand from the AI-sector employment base identified in Realtor.com research.
A companion survey of independent landlords by Avail, part of the Realtor.com network, found high vacancy and weak renter demand are the most reliable triggers for concession activity.
Among landlords facing those pressures, 33.3% actively offered incentives, 25.9% said they considered them, and 24.1% chose to lower base rent outright rather than offer add-ons, according to the Avail survey.
Among those who did offer concessions, 37.9% opted for reduced or waived fees, 30.7% upgraded amenities, and 25.0% offered periods of free rent.
What the data means for the purchase market this fall
Jiayi Xu, senior economist at Realtor.com in Austin, Texas, said softening conditions give renters more room to maneuver entering the slower season.
