Apartment Concessions Now at Highest Level in 12 Years
There's little sign yet that rent concessions are on their way out. Instead, January data showed they have reached their highest monthly level since mid-2014 – more than a decade ago.
"Concession levels have trended upward over the past three years and now sit at their deepest discount rate since the post–Great Financial Crisis period (2010)," according to RealPage Market Analytics' report for January.
Countrywide, the number of stabilized apartments offering rent concessions rose one point to 16.6% from December 2025 to January 2026. The average January discount of 10.7% remained unchanged in the period but increased 0.4% from its October level.
Class A units represented the deepest concessions, at 11%, which remained at their October level. But there was a 0.4% increase in concessions for Class B (10.3%) and Class C (10.8%) units in the period.
Class C units accounted for the highest share of concessions offered; 23.1% offered a discount in January, compared to 12.5% of Class A and 14.6% of Class B properties. Top-tier Class A concessions slipped 0.9% month-over-month -- the only segment to see a decline.
Efficiency units posted the weakest performance, with 19% offering discounts averaging 12.1%.
The high concessions come as apartment rents have struggled to see much growth. In fact, January's 0.2 percent increase marked the first monthly uptick in seven months, according to RealPage. Also, rents were down 0.4 percent from January 2025.
Source: GlobeSt/ALM