More than half of San Antonio rentals come with perks
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More than half of San Antonio-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.
Context: The concessions are playing out against a soft rental market.
- San Antonio, Austin and Denver were the only metro areas in the nation's top 50 where December rents had fallen since a year earlier, per the Zillow report.
Zoom in: Southline, an upscale apartment complex neighboring Pearl, currently offers two months free.
- Caroline at Roger's Ranch, which opened last year, is also offering up to two months free on select one-bedroom units. Essential housing units — offered to middle-income renters — come with a free month.
What's next: These deals will likely dry up by December. In some instances, rents are already stabilizing after previous declines, Ng says.