Big Apartment Markets with the Most Concessions in August

As new supply floods the U.S. apartment market, rental concessions have become a strategic device for property owners trying to attract and retain renters. Some apartment markets are offering more generous discounts than others, and some of the major Texas markets – also dominant supply contenders – are paramount on this list.

Across the U.S., just over 14% of apartments were offering concessions in August 2025, according to data from RealPage Market Analytics. The average discount nationwide as of August was 9.7%.

Among the nation’s 50 largest apartment markets, Austin led the way for concessions in August. Austin not only had the highest share of units offering concessions across the U.S. (30.5%) but also the nation’s highest average concession rate (12.9%), suggesting deep discounts to lure renters amid extreme supply volumes in recent years. And – at least for the moment – the strategy is working, as Austin demand has also been solid.

In fact, four of the top 10 major apartment markets offering the biggest concessions in August were in Texas. This reflects both high levels of new construction and competitive lease-up strategies.

Just an hour down IH-35 from Austin, San Antonio is also offering big concessions, with 29.9% of its stock resorting to discounts. Also on trend, demand in San Antonio has likewise been significant.

Other Texas apartment markets offering big rental concessions include the northern duo of Fort Worth and Dallas, with about 22% to 23% of the Metroplex stock offering discounts.

Other Sun Belt markets like Jacksonville, Phoenix and Las Vegas are seeing elevated concessions, likely due to cooling demand after pandemic-era migration spikes.