More landlords offer incentives to get more renters

RENT PRICES HAVE SKYROCKETED IN THE PAST FEW YEARS – BUT RENTERS MIGHT BE FINDING A BIT OF AN EDGE NOW.

MORE RENTALS ARE SITTING EMPTY… LEADING LANDLORDS TO LOOK FOR WAYS TO SWEETEN THE POT.

ZILLOW SAYS THE SHARE OF LISTINGS OFFERING INCENTIVES – LIKE FREE PARKING FOR A FEW WEEKS RENT-FREE – IS UP TO 33 PERCENT.

THAT’S A BIG DIFFERENCE COMPARED TO THIS TIME LAST YEAR – WHEN ONLY ABOUT 25 PERCENT OF LANDLORDS WERE OFFERING INCENTIVES. 

AND ZILLOW SAYS IT FOUND SIX METRO AREAS WHERE THESE DEALS ARE ESPECIALLY POPULAR.

MORE THAN HALF THE RENTAL LISTINGS ON ZILLOW ARE OFFERING INCENTIVES IN RALEIGH, CHARLOTTE, ATLANTA, SALT LAKE CITY, NASHVILLE, AND AUSTIN.

ACCORDING TO THE BUREAU OF LABOR STATISTICS – SHELTER ACCOUNTED FOR ALMOST 90 PERCENT  OF THE MONTHLY INCREASE IN CONSUMER PRICES ACROSS THE ECONOMY LAST MONTH – UP MORE THAN 5 PERCENT FROM LAST YEAR. 

AND ZILLOW SAYS APARTMENT RENTS ARE STILL GETTING MORE EXPENSIVE – ALSO UP MORE THAN 5 PERCENT OVER THE PAST *TWO* YEARS. 

HOWEVER – THERE’S BEEN A BUILDING BOOM FOR APARTMENTS AND THAT’S WORKING IN RENTERS’ FAVOR. 

IN JUNE, NEARLY 60-THOUSAND MULTIFAMILY UNITS WERE COMPLETED ACROSS THE UNITED STATES, ACCORDING TO GOVERNMENT DATA. 

THAT’S THE BIGGEST INCREASE IN SUPPLY SINCE 19-73. 

THAT’S MADE IT HARDER FOR LANDLORDS TO FILL SOME UNITS – THE RENTAL VACANCY RATE IS NEARLY 7 PERCENT… THE HIGHEST SINCE THE WINTER OF 20-21.