Elevated Concession Activity Persists Across U.S. Apartment Market

U.S. apartment concession use increased slightly in March.

Nationwide, average concession usage among stabilized units ticked up 0.2 points to 16.9% in March 2026, according to data from RealPage Market Analytics.  This concession activity marked a 5.1 point increase year-over-year and holds at the highest average level of monthly concession activity since mid-2014.

The average discount was unchanged on a monthly basis but roughly two points higher year-over-year, averaging 10.8% in March 2026. Across stabilized U.S. apartment stock, that concession level equates to nearly six weeks free on a 12?month lease. Concessions have generally trended upward since reaching a decade low of 5.5% in mid-2016 and remain at their highest level since the post–Great Financial Crisis period (2010)...