The national median asking rent now sits at $1,699, a 3.7% decrease from the high-water mark reached in summer 2022. While costs remain 15.4% higher than pre-pandemic levels, the sustained downward trend combined with a surge in landlord incentives is expanding options for prospective renters. New supply entering the market continues to outpace demand, forcing property owners to compete more aggressively for occupants.

This competition is most visible in the record-high prevalence of concessions. Nearly 44% of all rental listings now include perks like waived fees or periods of free rent to attract tenants. Data from an Avail survey of independent landlords confirms that high vacancy rates are the primary driver behind these incentives. While property owners are increasingly willing to offer amenities or rent credits, they remain protective of base rates, with few landlords willing to eliminate security deposits entirely.