U.S. Concession Use Continues to Ease While Discounts Remain Deep

U.S. apartment concession use fell for a fourth consecutive month in September 2026, while the average discount held at a level that matches the deepest in more than 15 years.

Concessions were offered on 14.5% of stabilized U.S. units, down 0.9 points from August 2026 and the lowest reading since September 2025, according to data from Realpage Market Analytics. Concession usage has fallen for four consecutive months now, and this latest was the deepest of those monthly declines, which together have taken usage down 2.5 points from 17% in May 2026. The average concession increased modestly to 11.1% from 11%, matching the readings from June 2026 and July 2026. At 11.1%, the typical incentive equals about 5.8 weeks free on a 12-month lease.

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RSK: At this point in time. Concessions in the Madison area remain stable, and a slight decline is noticeable. But as several projects come online, that may change even if the population is still growing.