US Renters Benefit from Construction Surge with Lower Rents and More Perks

A record number of new apartments have been built, leading to rent drops and increased concessions for tenants, though this trend may not last.

Apartment rents have declined nationwide for the first time since 2020 due to a construction boom.
Landlords are offering perks like free parking and weeks of free rent to attract tenants.
The number of rental listings with concessions has risen to over 33% in the past year.
Rent declines and perks are more common in cities with higher vacancy rates, such as Austin and Jacksonville.
Experts warn that as construction slows, rent prices are likely to rise again.