Charted: Concessions for Denver renters
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Here's a bit of good news for renters.
State of play: The arrival of more units to the market is leading to low price tags and other concessions.
By the numbers: More than 66% of Denver-area rental listings on Zillow are offering deals to prospective tenants — like a free month of rent, waived application and pet fees, free parking, utility discounts and event gift cards, according to a new report from the real estate firm.
- Concessions may be a marketing tactic, but they also help ease renters' financial burden.
What they're saying: We can thank the multifamily construction boom for these deals, Zillow economist Kara Ng says. Renters have plenty of apartments to choose from, so property managers need ways to woo them.
Caveat: These deals will likely dry up by December. In some instances, rents are already stabilizing after previous declines, Ng says.
- Permitting activity has slowed, meaning fewer new units will hit the market this year and beyond, she explains.