Elevated Concession Activity Persists Across U.S. Apartment Market

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Photo of Meggan Taylor, Market Analyst
by   Meggan Taylor
  Posted   April 28, 2026
  in   Renter Concessions

U.S. apartment concession use increased slightly in March.

Nationwide, average concession usage among stabilized units ticked up 0.2 points to 16.9% in March 2026, according to data from RealPage Market Analytics.  This concession activity marked a 5.1 point increase year-over-year and holds at the highest average level of monthly concession activity since mid-2014.

Graph showing the percentage of U.S. apartments offering concessions over time, peaking at 16.9% in March 2026.

The average discount was unchanged on a monthly basis but roughly two points higher year-over-year, averaging 10.8% in March 2026. Across stabilized U.S. apartment stock, that concession level equates to nearly six weeks free on a 12‑month lease. Concessions have generally trended upward since reaching a decade low of 5.5% in mid-2016 and remain at their highest level since the post–Great Financial Crisis period (2010).

Across product classes, Class C units continued to utilize concessions at markedly higher rates, averaging 21.5% in March. Usage in Class A (14.5%) and Class B (15.0%) units landed near one another, with Class A product noting the largest monthly increase in usage of 0.6 points.

Average discounts remained consistent in March. Class A held the highest level at 11.1%, roughly unchanged over the past four months. Discounts in Class B (10.6%) and Class C (10.8%) also aligned closely with recent four‑month averages.

Geographically, concession usage increased on a monthly basis in three of the four national regions, once again led by the higher-supply South (21.2%) and West (16.4%) regions. The Northeast (12.6%) ranked well below those levels, and once again the Midwest trailed with the lowest concession usage of 10.2%, a slight 0.2 decline from February.

Austin, Denver and San Antonio remained in the top three spots for market-level concession usage in March, with each market posting discounts among roughly one‑third of all stabilized units. Major Texas markets dominated the list, taking four spots in March. The remaining top 10 markets saw two Florida newcomers – Jacksonville and Tampa – while Charlotte and Nashville dropped off.

Discount depths ranged from roughly 10% to 15% across the top 10, with Austin and Denver each posting the highest average concession rate among large national markets at 14.8% in March.

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