U.S. Apartment Concessions Show Seasonal Trends in November

With winter fast approaching, many apartment operators witness a seasonal slowdown in demand as holidays and colder temperatures slow moving activity. As a result, the use of concessions tend to be greatest during November and December as operators seek to capture renters from the reduced prospect pool. Those seasonal trends persisted throughout 2025. Nationwide, 16% of stabilized apartments offered concessions in November, according to data from RealPage Market Analytics. The average discount in November was 10.2%, the highest level since September 2024. By product class, concessions were greatest in Class A (10.8%) and Class C (10.3%) units, while Class B product posted a slightly smaller discount of 9.8%. Meanwhile concession prevalence was overwhelmingly greatest in Class C units in November, with 20.7% of units offering discounts. Use of concessions in Class A and Class B was comparatively milder, hovering around 14%.