U.S. apartment concessions remained largely unchanged from November to December 2025, ending the year with usage most prevalent in supply‑heavy markets. Regionally, concession usage remained highest in the South (19.0%) and West (15.4%), while the Northeast (11.4%) and Midwest (10.4%) posted more moderate levels. This geographic distribution is mirrored at the market level: all 10 of the highest‑usage metros are located in the South and West, underscoring the strong relationship between discount activity and concentrated new supply. While there was some shuffling in the rankings month‑over‑month, Austin, Denver and San Antonio remained in the top three spots for concession usage in December, each hovering near the one‑third mark of all stabilized units. Two Florida markets – Jacksonville and Tampa – fell out of the top 10 in December, replaced by newcomers Dallas and Fort Worth, bringing the count of large Texas markets in the top tier to four. Discount depths ranged from roughly 10% to 14% across the top 10, with Phoenix posting the highest average discount in December at 14.3%.
