Key Takeaways
- The Sun Belt region experienced a supply wave between 2023 and 2025 that hiked vacancies and pressured property managers to lower rents and offer more rent specials.
- The five cities offering the most rent concessions in 2026 are Sarasota, FL; Austin, TX; Phoenix, AZ; Charlotte, NC; and San Antonio, TX.
- One month of free rent is the most common rent concession offered in these markets, followed by two months of free rent and discounted rent and fees.
- While the supply wave has slowed in the Sun Belt, supply-demand rebalancing is gradual, so renters can expect low prices and more deals through the rest of the year.
As rental markets continue to shift across the country, renters are finding new opportunities in cities where oversupply has led to record vacancies and competitive pricing. In 2026, many property managers are offering enticing rent concessions to attract tenants, making this year an ideal time for renters to secure deals that were previously out of reach.
Right now, 41.2% of multifamily properties nationwide offer rent concessions, a 9.9 percentage point increase over 2025. But where can renters find the most leverage?
What Are Rent Concessions?
Rent concessions are discounts that property managers offer to attract prospective tenants. Common rent concessions include a free month of rent, a waived application fee, or discounted rent.
Property managers often offer rent concessions when the rental market is oversupplied. When there are more vacant units than renters searching for their next home, landlords are pressured to lower prices and offer specials to compete with renters’ other options.
Where Renters Have the Most Power in 2026
Supply and demand dictate the flow of the rental market. In cities like New York, where demand is higher than supply, renters have to move fast and pay high prices. In cities with a surplus of rentals, renters have the most negotiating power.
Supply wave in the Sun Belt
Over the past few years, Sun Belt states like Texas, Arizona, and Florida have added thousands of new units to their rental markets, but the renter population didn’t increase proportionally. This has caused the pendulum to swing in favor of renters by pressuring property managers to lower prices and offer more discounts.
"There is more choice, more time to decide, and greater negotiating leverage, particularly at newer or higher-priced properties."
Grant Montgomery, National Director of U.S. Multifamily Analytics, CoStar Group
For example, the average rent in Texas in 2026 is 2.2% lower than in 2025. Arizona rent has seen a 2.8% decrease over the past year, and rent in Florida is 1.7% lower than last year. Compared to the national average rent’s gradual incline each year, these rent drops are creating shockwaves throughout the region.
“For renters, that means the apartment search in 2026 still looks different than it did during the peak of the pandemic-era housing shortage,” says Grant Montgomery, National Director of U.S. Multifamily Analytics for CoStar Group. “There is more choice, more time to decide, and greater negotiating leverage, particularly at newer or higher-priced properties.”
Construction has slowed in Sun Belt states and fewer new properties are entering the market, but the region is still adjusting to oversupply, a recalibration that could take months.
“The shift underway is gradual rather than abrupt, with the advantage remaining with renters rather than landlords in most of these markets,” says Montgomery.
Top 5 Cities for Concessions in 2026
Here are five cities where renters will find the most rent specials in 2026. Supply waves have thrown off the supply-demand balance in these markets, and recalibration is a slow process.
“While concessions and pricing pressure have eased modestly in some areas, these markets are not yet fully balanced, and renters can still expect competitive offerings and flexibility through much of the year,” says Montgomery.
Sarasota, FL
- Average rent for a one-bedroom: $1,760/month
- Year-over-year rent change: -2.9%
- Vacancy rate: 17.4%
- Most popular concession right now: 2 months free
Sarasota has seen massive growth over the last few years, so much so that U-Haul ranked it as the 18th fastest-growing city in 2025. Still, Sarasota’s rental market has over 4,500 more units than last year, an increase of over 10%, and the city has one of the highest vacancy rates in the country despite an uptick in lease-ups.
While the average rent in Sarasota is still 7% higher than the national average rent of $1,639 per month, prices are falling rapidly as the city struggles to adjust to oversupply. Property managers are being pressured to offer deeper concessions to stay competitive—81.8% of properties in Sarasota offer a rent concession, and 46.8% of properties offering rent concessions advertise two months of free rent.
Austin, TX
- Average rent for a one-bedroom: $1,386/month
- Year-over-year rent change: -4%
- Vacancy rate: 13.5%
- Most popular concession right now: 1 month free
After a small population bump in 2024, Austin is estimated to be the 12thmost populous city in the country. With Austin gaining popularity and growing economically, investors are looking to get ahead of demand. About 32,500 new units entered the market in 2024, followed by 17,500 new units in 2025.
In response to this surge in supply and slow lease-ups, almost 700 properties in Austin are offering rent concessions to attract new tenants. Of the properties offering rent concessions, 38.4% advertise one month of free rent, followed by 24.6% offering two months of free rent.
Phoenix, AZ
- Average rent for a one-bedroom: $1,301/month
- Year-over-year rent change: -3.5%
- Vacancy rate: 12%
- Most popular concession right now: 1 month free
While lease-ups accelerated with increased supply in Phoenix, the vacancy rate still soared over the national average and has settled on 12%. Rental inventory is on the rise as the Phoenix metro area ranks as one of the hottest economies in the country, and the Gilbert Sun News reports that statewide economic growth is expected to soften the blow of inflation.
Charlotte, NC
- Average rent for a one-bedroom: $1,473/month
- Year-over-year rent change: -1.7%
- Vacancy rate: 12.6%
- Most popular concessions right now: 1 month free
At 51.2%, just over half the properties in Charlotte currently offer rent concessions, a 13.8 percentage point increase from 2025. This comes after three consecutive years of sky-high inventory growth that added a total of 45,900 new rental units to the market.
Rapid economic and population growth are the culprits behind the city’s inventory spike, especially after Hurricane Helene pushed Asheville residents to other parts of the state. While Charlotte is one of the top markets for lease-ups compared to rental inventory, the vacancy rate is still four percentage points higher than the national average, and rent has declined as new properties finish construction. One month of free rent barely surpasses two months of free rent for the most offered rent concession in Charlotte.
San Antonio, TX
- Average rent for a one-bedroom: $1,077/month
- Year-over-year rent change: -3.2%
- Vacancy rate: 15.8%
- Most popular concession right now: 1 month free
San Antonio had a massive inventory spike in 2024, with over 13,000 new units entering the market, but lease-ups didn’t increase proportionally. Inventory growth slashed in half in 2025, totaling almost 20,000 new units in two years.
Because of this supply wave, San Antonio’s vacancy rate has climbed higher and higher, pushing prices lower and lower; in March, San Antonio had the highest vacancy rate of the 50 largest multifamily markets in the U.S. Even though San Antonio is one of the most populous cities in the U.S., investors are building new rentals faster than residents can lease them.
Find Specials on Apartments.com
Hunting for bargains? Apartments.com can help you find the best deals! Once you search an area, click on “All Filters,” scroll down to “Show Only” and select “Properties with move-in specials.” Then, narrow your search even further by selecting your must-have amenities and setting a price range that works for you.
Whatever you’re searching for, find it on Apartments.com.
Methodology
The data in this report is sourced from CoStar Group’s Market Trend reports and internal analytics. To determine the most popular rent concession in each city, we compared the number of multifamily properties offering each type of rent concession. The data does not reflect the number of individual units to which each rent concession is applied.
