U.S. Concession Use Eases Again in July, Though Discounts Remain Deep

Apartment concession use eased for a second straight month in July, extending a pullback consistent with typical peak leasing season patterns. Nationwide, 15.8% of stabilized units offered concessions in July 2026, according to data from RealPage Market Analytics. That was down 0.7 points from June. Even with the recent easing, usage remained 2.3 points above year-ago levels and marked the highest July reading since 2011. The average U.S. concession discount held steady at 11.1% in July. While flat month-over-month, the average discount was 1.6 points deeper than one year ago and equates to nearly six weeks free on a 12-month lease. Across product classes, July revealed a widening divergence. Class C usage rose 0.7 points to 21.5%, up 5.6 points year-over-year, while usage fell in July in both Class B (down 1.3 points to 13.8%) and Class A (down 1.1 points to 12.5%). Class A was the only class where usage slipped below year-ago levels. Class C also posted the deepest average discount in July at 11.4%, followed by Class A at 11.1% and Class B at 10.8%. By unit type, efficiency units remained under the most pressure, recording both the highest concession usage at 18.4% and the deepest average discount at 12.3%. Larger floor plans saw usage ease modestly during the month, in line with the national trend.