Perks for Renters Are Declining

CNBC reports that the number of rental listings on HotPads that mention at least one perk for signing a lease is down nearly 30% from last year, due to a heating rental market.

Say goodbye to the gift cards, discounts and free amenities from landlords. With rental demand heating up as homebuying cools, rent prices are rising and freebies are vanishing.

Listings on Zillow’s rental website HotPads that mention at least one concession are down close to 30% from the same time last year. Just 1 in 100 rental listings currently show any kind of move-in special.

In addition, after growth slowed last year, rent price gains are accelerating again, up 3.1% from a year ago to a median rent of $1,530 nationally, according to HotPads. That is the highest level since August 2017.

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