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More Valley landlords are offering renters concessions, including a free month or two of rent or at least parking.
In October, 45% of Phoenix-area apartments listed for lease included some kind of deal, according to a new survey from real estate firm Zillow. In October 2022, about 30% of metro Phoenix rentals were offering concessions.
Rents are dipping in most Valley cities as more apartment construction is starting to help balance supply and demand. The average Phoenix-area rent for a one-bedroom is down about 4% this year to $1,383, according to listing and research firm ApartmentAdvisor.
The Valley ranks seventh highest in the U.S. for cities where renters can find the most concessions.
In Salt Lake City, 54% of rentals are leasing with deals. That’s the highest rate in the U.S.
Renters are finding the fewest deals in New Orleans, with only 9% of the rentals coming with concessions.
Nationally, 30% of apartments are offering some type of freebie to draw more tenants.
In 2021, metro Phoenix’s average rent jumped 30%, more than anywhere else in the U.S. Deals are a welcome change for renters.
Reach the reporter at catherine.reagor@arizonarepublic.com or 602-444-8040. Follow her on X, formerly Twitter: @CatherineReagor.
This article originally appeared on Arizona Republic: Metro Phoenix renters finding more concessions at apartments