Apartment Concessions Hit Their Highest Level Since 2014

Apartment concessions held at 16.9% in March 2026, the highest since 2014, with Class C units and Sun Belt markets leading the increase.

April 30, 2026

Valerija I.

Apartment concessions rose to 16.9% of stabilized units in March 2026, the highest since 2014.
Class C apartments led with a 21.5% concession rate, significantly above Class A and B.
The South and West regions saw the highest concession usage, especially major Texas metro areas.
Average discounts reached 10.8%, translating to nearly six weeks free on a 12‑month lease.

Key Takeaways

Concession Uptick Persists

Apartment concessions continued to rise this spring. In March 2026, 16.9% of stabilized US units offered concessions, according to RealPage Market Analytics. This represents a 5.1-point increase year over year. It also marks the highest average level since the mid-2010s. Meanwhile, the average concession discount held at 10.8%. That equals nearly six weeks of free rent. The figure is up almost two points from last year.

US apartment concessions trend from 2016 to March 2026 showing concession usage rising to 16.9 percent of units, the highest level since 2014, with average discounts reaching about 10.8 percent.

Class C and Southern Markets Lead

Class C apartments continued to offer elevated apartment concessions, posting a 21.5% usage rate in March. Usage in Class A (14.5%) and Class B (15.0%) units remained tightly grouped, but Class A units had the largest single-month increase (+0.6 points). Even as operators leaned on concessions, some markets continued to push rents higher despite softer occupancy trends, highlighting a growing disconnect between pricing power and underlying demand. Geographically, the South (21.2%) and West (16.4%) led all regions for apartment concessions, supported by active development pipelines and high supply. The Northeast (12.6%) and Midwest (10.2%) regions stayed well below the national average.

Key Markets Face Highest Discounts

Major Texas cities dominated the top of the apartment concessions list, with Austin, Denver, and San Antonio recording discounts on roughly one-third of stabilized units. Other high-concession markets included Jacksonville and Tampa, replacing Charlotte and Nashville in the top ten. Average discounts across these leading metros ranged from 10% to 15%, with Austin and Denver reaching 14.8% in March 2026.

Top US apartment markets with the highest concession usage in March 2026 led by Austin at 36.2 percent, followed by Denver at 34.6 percent and San Antonio at 33.7 percent, with concession rates ranging from about 10 to 15 percent.

Why It Matters

Increased apartment concessions signal ongoing competition among operators in high-supply regions and product types. Persistently high levels suggest ongoing pressure on rent growth and lease-up velocity, especially for value-oriented and newly delivered assets. Industry participants will continue monitoring apartment concessions as a barometer of market balance and renter demand in 2026.