Feb 4, 2025 - News
Miami rent concessions, charted
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A larger share of Miami-area rental listings in 2024 offered concessions — like a free month of rent, waived application and pet fees, free parking, utility discounts, or event gift cards, according to a new Zillow report.
Why it matters: Concessions may be a marketing tactic, but they also help ease renters' financial burden.
The big picture: 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 win them over.
What's next: 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.