Empty rentals don’t just cost you lost rent. Chances are you’ll also be covering marketing costs, utility expenses, mortgage payments, and tenant screening fees. All that adds up to a lot of lost money (and valuable time).
In a tough rental market, rent concessions (specials offered by landlords to attract potential renters) can be the difference between a vacancy and a signed lease. Everyone loves getting a deal and renters are no different, so if you offer a rent concession, it is sure to catch their attention.
We surveyed renters to find out what rental concessions they want so you know what to offer to fill vacancies quickly.
Key Takeaways
- A free first month is a game-changer: 36% of renters say a free first month of rent would make them more likely to sign a lease — more than any other rent concession by far.
- Concessions are deal-sealers: 67% of renters say a rent concession would moderately or significantly sway their choice between similarly priced apartments.
- Discounts outweigh the details: 88% of renters say they’d consider overlooking minor flaws in an apartment for a good rent concession.
- All types of concessions are valuable: Nearly a third of renters value a rent concession that provides ongoing value throughout the term of their lease.
- Boost inquiries: 95% of renters say a concession mentioned in a listing would make them more likely or potentially more likely to inquire about the property.
Some Rent Concessions Are More Enticing Than Others
Moving is an expense as a small moving truck can cost renters anywhere from $100 to $300. That price only increases the bigger the truck gets. Add that cost on top of everything else, like application fees, security deposits, utility setup charges, and time off work and it’s easy to see why a rent concession makes it more likely for a renter to sign a lease.
Whether it be first month free or waived security deposit, offering move-in specials shows renters you care about them and understand how expensive moving can be. It’s a great way to start a good relationship with your renters because it can make them more likely to stick around and rent long term.
Rent concession examples can range from a free month of rent to a monthly concession of free parking. While renters love a move-in special, certain specials are much more appealing. Getting a free first month’s rent was chosen by 36 percent of respondents as the rent concession that would most likely get them to sign a lease.
Knowing what kind of rent concessions are most popular lets you leverage that information to incentivize renters to sign a lease. A renter is six times more likely to sign a lease when you offer the first month’s rent free compared to a waived application fee.
Losing one month’s rent may sound like a big deal but you actually lose more when you have an extended vacancy. A move-in special could get you a long-term tenant, and that means months, if not years, of steady income. You also won’t have to deal with the costs of marketing your rental, cleaning and repairing the property, and, most importantly, absorbing the price of your mortgage and utilities.
Tip: Make sure to highlight your special by putting it at the top of your listing page and/or highlighting or bolding it. Apartments.com includes the ability to input rent concessions so it is showcased for you on your listing page.
Gain an Edge Over the Competition with Rent Concessions
Let’s say a renter is searching for their next apartment. They’ve narrowed it down to your rental and another one that are practically identical: same rent, same amenities, same layout. This is where apartment concessions can make a difference and tip the scales in your favor. Providing the renter with a free month of rent or waiving any fees could be the push they need to choose your rental over the competition.
Rental concessions help you stand out and attract renters in a tough rental market. 67 percent of renters said they would be significantly to moderately influenced to choose one apartment over another because of being offered a rent concession.
On the flip side, just 6 percent of renters said they wouldn’t be influenced at all by being offered a concession, illustrating the power of concessions.
Discounts Outweigh the Details
Many renters today are looking for higher-end features like granite countertops or hardwood floors, but renovations and upgrades can get expensive. Don’t worry as there are strategies you can employ to attract renters even with a somewhat outdated property, like negotiating rent or offering a rent concession.
88 percent of renters are definitely or possibly ready to overlook minor issues with an apartment if they’re offered a significant concession. A waived pet fee or security deposit might be enough to make a renter overlook laminate countertops.
It saves you money as well because a month’s rent is nothing compared to the $3,500 to $5,000 it would cost to install new granite counters. Giving rent concessions helps you stay competitive and attract renters without having to upgrade or renovate your rental.
Rent specials also matter to different generations. According to the survey results, millennials are much more likely to overlook minor issues with an apartment if offered a significant rental concession. Of respondents aged 30–44:
- 33 percent they’d definitely overlook minor issues
- 60 percent would possibly overlook issues depending on the severity and the value of the concession
- 7 percent said that the apartment was more important than the concession
Renters See Worth in Immediate Savings and Ongoing Value
Some rent concessions give immediate savings, like one month of free rent, while others offer ongoing value throughout the lease period, such as free parking.
However, as long as renters are getting a concession, the kind doesn’t matter as much. Renters appreciate both immediate savings and ongoing value rent concessions since 52 percent said that both are equally as important.
Move-in concessions provide immediate savings and can help renters cover the cost of moving and any one-time fees. Moving is an expensive task, so renters appreciate having some of that alleviated through a move-in deal.
Ongoing value concessions are just as popular because it lowers monthly costs for renters. Utilities, groceries, and rent can add up, so any savings are welcomed by renters, whether that is free parking or free pet rent.
Being flexible and offering a rent special that works for your renters goes a long way to building a better relationship with them. It may not be the concession you wanted to offer but having that vacancy filled is worth a slight change.
If you are changing the offered rent concessions, protect yourself by making sure you include the details of the special in the lease. This could include the date it ends and a concession fee you will charge if they don’t pay rent. Just make sure you are being a good landlord by being transparent and telling your renters about the details of the concession.
Tip: Offer a couple of different rent concessions and let renters choose to give them agency.
Rent Concessions Increase Inquiries
Showcasing rent concessions is just as important as taking high-quality photographs when it comes to advertising your rental. 51 percent of renters are more likely to inquire about an apartment if they see a concession in the listing. Highlighting your rent concession helps you stand out and get more leads.
Knowing the reasoning behind why rent specials boost inquiries helps you understand why they are so important to offer. Rent specials boost inquiries because they:
- Show value: a concession shows renters that they are getting a deal which can be a deciding factor when comparing multiple listings (even if the actual rent isn’t that different).
- Create a sense of urgency: when framed as a limited-time offer, concessions can create a sense of urgency thus prompting renters to inquire as soon as possible.
- Make your rental stand out in a crowded market: many renters find properties through a rental search app or website. Stop their endless scrolling by catching their eye with an attractive rent concession and draw them in for a closer look. Apartments.com allows renters to filter listings to ones that have move-in specials; make sure your property appears in that search by adding your rent concession to the dedicated section.
- Ease commitment fears: rent specials can reduce any fears or trepidation that renters have about signing a lease by making them feel more financially secure. For example, it is less of a financial commitment to move into an apartment when the first month’s rent is waived.
Tip: Concessions help you out at many different points in the leasing process, not just the lease signing. They drive traffic to your listing at the very beginning if you properly highlight them, so make sure to do so.
Give Renters More Reasons to Sign with Rent Concessions
Give renters a reason to say yes to your rental by offering rent concessions. Move-in specials turn hesitation into signed leases by attracting renters, tipping the scales in your favor, and making renters more likely to sign. Showcase your rent special today to start getting more leads.
Listing on Apartments.com allows you to highlight a rent concession by adding it to the “Rent Specials” section in your listing. The rent special will be at the top of your listing page, right underneath the basic information about your property.
Once you’ve found a potential renter who loves your apartment with a rent special, the next step is to make sure they are the right fit through tenant screening. Tenant screening on Apartments.com is easy as you can screen and perform background checks all in one place. Get information on income, employment, rental history, criminal history, credit risk, and more to make an informed decision.
Methodology
The survey of 502 adult renters ages 18 and over was conducted via SurveyMonkey Audience for Apartments.com on May 20, 2025. Data is unweighted and the margin of error is approximately +/-4% for the overall sample with a 95% confidence level.
FAQ
When should I offer rent concessions?
The best time to use rent concessions is when you have a vacancy. It is important to fill that vacancy as quickly as possible, and as move-in specials are highly sought after, you’ll likely attract more renters.
Another popular time to offer rent concessions is when you have a great renter that you don’t want to lose. During their lease renewal time, if they are on the fence about it, offering a renewal concession can make them decide to stay.
What alternatives methods can landlords use to attract renters?
If you’ve already used rent comp reports to optimize your rental listing, there are a couple of other ways to attract renters besides rent concessions.
- Referral bonuses are a popular method to encourage your current renters to refer friends or family.
- Flexible lease terms open your rental up to renters looking for short-term and long-term lease options.
- Add highly desirable amenities like in-unit laundry, air conditioning, or a dishwasher.
