Concession Usage Concentrated in High-Supply South and West

Concession usage increased in January across all four national regions, once again led by the higher-supply South (20.5%) and West (16.2%) regions, The Northeast (12.8%) and Midwest (10.7%) also increased discount usage in January as operators sought to capture renters during this typically slower period. Major Texas markets dominated the list of markets offering the most concessions, with four major Lone Start State markets appearing in January. Austin, Denver and San Antonio remained in the top three spots for concession usage in January, with each market posting discounts among roughly one‑third of all stabilized units, according to data from RealPage Market Analytics. The remaining top 10 markets remained largely the same from December, with Houston replacing Fort Worth in the ranking. Discount depths ranged from roughly 10% to 15% across the top 10, with Austin replacing Phoenix for the highest average discount in January at 14.8%.