Concessions were offered on 14.5% of stabilized U.S. units, down 0.9 points from August 2026 and the lowest reading since September 2025.
Concession usage has fallen for four consecutive months now, and this latest was the deepest of those monthly declines, which together have taken usage down 2.5 points from 17% in May 2026.
The average concession increased modestly to 11.1% from 11%, matching the readings from June 2026 and July 2026. At 11.1%, the typical incentive equals about 5.8 weeks free on a 12-month lease.
Today’s 11.1% average discount rivals the 11% offered after the GFC in 2010. The difference? Back then, 50% of apartments offered concessions, compared to just 14.5% today, suggesting operators are becoming more selective with incentives.
Source: RealPage
