Finding an affordable apartment hasn’t been easy in recent years, but renters in some parts of the country are finally getting a little more bargaining power. Some landlords are even offering a month or more of free rent to attract new tenants.
According to Apartment List’s report on the best cities for renters, higher vacancy rates and falling rental prices are pushing property managers to offer more incentives.
While rents continue to climb in places like San Francisco, renters in these seven cities may have a better chance of finding a deal.
Cities Where Landlords Are Offering Free Rent
- Salt Lake City, Utah: About 61.6% of apartment properties are offering discounts worth at least one month of free rent. The city’s median rent is $1,252, down 3.2% over the past year.
- Charlotte, North Carolina: About 57% of apartment properties offer at least one month of free rent. Rental prices have fallen 2.6% over the past year, and the vacancy rate is 9.4%.
- Austin, Texas: More than half of apartment properties offer incentives worth more than a month of free rent. Rents have dropped more than 20% since their 2022 peak, making Austin one of the strongest markets for renters.
- Phoenix, Arizona: About 52% of apartment properties are offering at least one month of free rent. Median rent is $1,388, down 2.9% from last year.
- Atlanta, Georgia: About 47% of apartment properties offer discounts worth at least one month of free rent. Although rental prices have remained relatively stable, renters can still find move-in incentives.
- Nashville, Tennessee: Nearly half of apartment properties are offering discounts worth at least one month of free rent. Rents have declined 2.3% over the past year, although demand is beginning to increase.
- Raleigh, North Carolina: About 43.2% of apartment properties are offering rental concessions. Prices have fallen 1.1% over the past year, and the vacancy rate stands at 8.1%.
Related: Homeowners Are Refusing to Sell—And Are Becoming “Accidental Landlords” Instead
What Renters Should Know Before Taking a Free Rent Offer
For renters who have spent years dealing with rising prices and limited housing options, this is a welcome change. More available apartments mean landlords have to compete for tenants, and that competition creates opportunities to save.
In some cities, renters can now find lower monthly prices, more apartments to choose from, and incentives that could save them hundreds or even thousands of dollars on a new lease.
And with so many properties offering discounts, renters may finally have something they haven’t had in a while: the ability to shop around, compare offers, and negotiate a better deal.
