U.S. Concessions Remain Historically Elevated Heading Into Summer

Apartment concession use remained elevated in June, while the average discount offered to renters reached its deepest level in more than 25 years. Nationwide, 16.5% of stabilized units offered concessions in June 2026, according to data from RealPage Market Analytics. While down slightly from May, concessions usage was up 3.4 points year-over-year and remained near the highest monthly average since mid-2014. Meanwhile, the average U.S. concession discount increased 0.2 points month-over-month to 11.1% in June 2026, marking the deepest monthly discount in more than 25 years. The average discount was also 1.8 points higher than one year ago and equates to nearly six weeks free on a 12-month lease. Overall, concession discounts have generally trended upward since reaching a decade low of 5.5% in mid-2016 and are at their highest level since the post–Great Financial Crisis period in 2010. Across product classes, Class C units continued to post the highest concession usage, averaging 20.7% in June. Class B (15.1%) and Class A (13.7%) followed at notably lower levels. Concession usage edged down slightly across all three product classes on a monthly basis. Class A recorded the deepest average discount at 11.4%, followed closely by Class C at 11.3%. Class B posted the smallest average discount at 10.7%.