![]() ![]() ![]() ![]() ![]() About one-quarter of Class A properties were offering a lease concession and the average value stood at 3.8 weeks off an annual lease. Unsurprisingly, Class A led the way both in discount availability and in the size of the average discount package being offered. There was more variance between the price classes. Of those offering a discount, the average concession package value was about three weeks off an annual lease.Īt that time, there was not much difference in either concession metric between primary, secondary, and tertiary markets – though secondary markets at 14% availability had the lowest proportion. Pre-Pandemic Concessionsīack in February of 2020 before the COVID-19 pandemic really began to have a widespread impact on the economy, 16% of conventional properties were offering a lease concession at the national level. Asking rent increases have contributed mightily to the growth, but the continued retreat of lease concessions has played a major role as well.Īs always, numbers will refer to conventional properties of at least 50 units. The rate of multifamily rent growth so far in 2021 has been much discussed recently as gains have reached dazzling levels on the back of historic apartment demand. ![]()
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