U.S. Apartment Concessions Hold Steady in December

Following typical seasonal patterns, U.S. apartment concessions in December remained relatively unchanged from November’s performance, as operators sought to capture prospective renters during a busy and distraction-heavy time of year. December often brings stable or slightly elevated concession activity due to cold weather, holiday travel and generally fewer household moves. Nationwide, 15.6% of stabilized apartments offered concessions in December, according to data from RealPage Market Analytics. This marks the highest December usage rate since December 2016, when concessions usage reached 16.1%. The average December discount of 10.5% held essentially steady with October and November, both of which hovered around 10%. The October through December average sits at the highest discount depth since the post–Great Financial Crisis period (2010) and reflects ongoing efforts to absorb the elevated wave of new supply concentrated across the Sun Belt region. By product class, Class A units posted the deepest concession discount at 11.0%, followed closely by Class B (10.2%) and Class C (10.5%) units. However, Class C properties continued to show the highest usage, with 19.1% offering a discount in December. Concession usage in Class A and B stock was comparatively milder at roughly 13% to 14%. Still, all three product classes saw concession usage tick down very slightly (by generally less than one point) from November, which was effectively the monthly high for 2025.