South and West Markets Lead Nation in Apartment Concessions

Apartment operators leaned heavily on concessions in November, but some markets were more impacted by others. In November, 16% of stabilized apartments nationwide offered concessions, with average discounts climbing to 10.2% – the highest since September 2024, RealPage Market Analytics reports. Still, those topline U.S. metrics were skewed by performance in the South region, where 20.1% of properties offered concessions, followed by the West Coast at 15.3%. Usage in the high-supply South was nearly double that of its Northeast (11.6%) and Midwest (10.7%) peers. These findings were evident at the market level as well. Among the largest 10 apartment markets ranked by concession usage, six were in the South and the remaining four were in the West. All ten markets offered double-digit discounts in November, with Austin posting the highest concession rate among large markets nationwide.