Property managers are offering more months of free apartment rent to attract new tenants in markets across the United States.
Concessions “are in every market (133) we track,” says Doug Ressler, director of business intelligence with research firm Yardi Matrix.
Apartment vacancy rates are creeping above 5.00 percent in many cities and towns as more developers offer deeper concessions at newly built projects. However, strong demand for apartments is likely to eventually fill the new units now opening and bring the apartment market back into equilibrium.
Read more...Do Widespread Rent Concessions in the Apartment Sector Signal a Problem? | National Real Estate Investor