Free rent and free parking: Landlords are throwing in sweeteners
CNN
Renters are gaining the upper hand in the balance of power with landlords.
Renters are gaining the upper hand in the balance of power with landlords. Apartment units are staying on the market for longer. Vacancy rates are rising. And rental growth is slowing. Now, landlords are being forced to offer sweeteners like free parking and free weeks of rent to get tenants to sign on the dotted line. The share of rental listings on Zillow offering a concession as an incentive to rent climbed to 33.2% in July. That’s flat from June, but up from 25.4% a year earlier and well above the recent low of 19.4% two years ago, according to Zillow. “Landlords are basically in a race to get tenants, so they’re throwing in a bunch of deals and perks to sweeten the pot,” said Orphe Divounguy, senior economist at Zillow. “Renters have more bargaining power.” Deals are especially popular in six major metros areas, where more than half of the rental listings on Zillow are offering sweeteners: Raleigh (53.3%), Charlotte (53%), Atlanta (52.2%), Salt Lake City (50.9%), Nashville (50.8%) and Austin (50.5%).
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