“One-third of Philly-area rentals offered free rent or other perks in October” …let’s see what’s happening in the rental market.
- Clearly Philadelphia is experiencing a hot rental market thanks to an influx of new apartments either built or being built creating more negotiating power for renters.
- Landlords are being forced to be creative in attracting potential renters such as offering free rent, deals on parking and other perks.
- Nationwide, landlords offering concessions has more than doubled over the last five years — from 16% in October 2019 to a record of almost 38% in October 2024, according to a senior economist at Zillow. In Philly, concessions offered by landlords is up almost 8% from last year.
- Still, rents are higher than at this time last year across the country and rental property owners tend to try concessions before cutting the price on rents. Nationally, the typical asking rent in October was $2,009, up about 3% from last year; in the Philadelphia region, the typical rent was $1,868 last month, up almost 4% from last year.
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