U.S. Concessions Hold Near Multi-Year Highs, but Discount Levels Ease Slightly

Living room filled with moving boxes; a couch and plants are visible in the background.
Photo of Meggan Taylor, Market Analyst
by   Meggan Taylor
  Posted   June 9, 2026
  in   Rent Growth Rate

U.S. apartment concession use was unchanged in May according to data from RealPage Market Analytics. Nationwide, average concession usage among stabilized units remained steady at 16.9% in May 2026.  While unchanged month-over-month, this concession activity marked a 4-point increase year-over-year and remains near the highest average level of monthly concession activity since mid-2014.

Graph showing 16.9% of U.S. apartments offered concessions in May, with trends over the last five years.

The average U.S. discount, however, decreased 0.1 point on a monthly basis to 10.9% in May 2026. While that was a mild dip, it marked the first monthly decline in average concession amounts since March 2024. Still, May’s 10.9% reading was up 1.7 points year-over-year and translates into nearly six weeks free on a 12-month lease.  Overall, U.S. concessions have generally trended upward since reaching a decade low of 5.5% in mid-2016 and remain near 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 21.8% in May, while Class A (13.7%) and Class B (15.4%) units usage landed closer to one another. Concession usage in Class B and Class C product remained relatively unchanged on a monthly basis, while Class A units saw a 0.3-point decline.

Average discounts remained consistent in May. Class A held the highest level at 11.2%, hovering near that 11% mark for the eighth consecutive month. Discounts in Class B (10.6%) and Class C (11%) also aligned closely with recent averages.

Across the four national regions, monthly change in concession usage was mixed, with the South and Midwest posting slight increases and the coastal regions – West and Northeast – seeing modest declines.  Overall concession use was once again led by the high-supply South at 22.1%, up 0.3 points month-over-month. Concession utilization in the Midwest increased 0.4 points on a monthly basis yet remained the lowest regional average at 10.6%. Conversely, usage in the West region dipped 0.2 points to 15.7%, while the Northeast posted the deepest decline of 0.7 points to 11% in May.

Average discount rates varied from roughly 8% to 9% in the Midwest and Northeast, while both the South and West regions posted average discounts near 11.5%.

Austin, Denver and San Antonio remained in the top three spots for concession usage in May, with each market posting discounts among roughly one‑third of all stabilized units. Major Texas markets once again dominated the list with four major markets appearing in May. The top 10 markets saw two newcomers appear since the prior month – Fort Worth and Charlotte – while Jacksonville and Dallas dropped off.

Table listing markets with the highest concessions in May 2026, showing rank, market name, % of units offering concessions, and concession rate.

Discount depths ranged from roughly 10% to 15.5% across the top 10, with Austin, Denver and Nashville posting the highest average concession rates on the list ranging from 14.5% to 15.5% in May.

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