U.S. Rent Concessions Hold Elevated in February

U.S. apartment concession usage was unchanged month-over-month according to data from RealPage Market Analytics. Nationwide, 16.7% of stabilized apartments offered concessions in February 2026, which was consistent with January’s reading.  This level of concession activity remained a full point above December 2025’s rate and continues to mark the highest monthly discount usage since mid-2014.

The average discount amount, meanwhile, increased a modest 0.1 point month-over-month and two points year-over-year, reaching 10.8% in February 2026. Concessions have generally trended upward since reaching a decade low of 5% in mid-2022 and now sit at their highest level since the post–Great Financial Crisis period (2010).

Across product classes, concession patterns remained consistent in February. Class A held the highest level at 11.1%, roughly unchanged over the past three months. Discounts in Class B (10.5%) and Class C (10.8%) product also aligned closely with recent three‑month averages.

Class C properties continued to show the highest concession usage, with 21.7% offering a discount in February. By comparison, usage in Class A (13.6%) and Class B (14.9%) units was somewhat milder. Middle-tier Class B product was the only segment to record a slight decrease, declining 0.3 points month-over-month.

Concession usage for two‑ and three‑bedroom units ran slightly below the U.S. average at roughly 16%. In contrast, one‑bedrooms (17.1%) and efficiencies (19.1%) posted higher‑than‑normal usage. Discount amounts averaged about 10.5% for larger units, compared with roughly 11% to 12% for efficiencies and one‑bedrooms.