Rent Growth Slowing as New Construction Adds Rental Supply
-
Zillow said 30% of rental listings now offer concessions like free months of rent or parking, up from 24% a year ago as construction adds more options.
-
Concessions becoming more common may signal rent growth is about to level off as new construction eases supply crunch.
-
Cities with the most new construction, like Phoenix and Atlanta, have seen the biggest jump in rental concessions.
-
Residential construction continued through October, with 408,000 new multifamily units added.
-
Rent rose 3.2% year-over-year in October, still high but within the typical 3-5% range.