In June, 16.5% of all stabilized units offered concessions, up 3.4 points year-over-year.
The average U.S. concession discount increased 0.2 percentage points month-over-month to 11.1%, marking the deepest discount in more than 25 years. The average discount was also 1.8 points higher than one year ago and translates to nearly six weeks free on a 12-month lease.
Average concession discount by class:
- Class A – 11.4%
- Class B – 10.7%
- Class C – 11.3%
Source: RealPage
Multifamily Market News 