According to a new blog post from Zillow, renters in the U.S. can expect to be paired with other tenants when signing new leases, an indication that booming housing construction is easing the supply shortage.

According to Zillow, about 60,000 multifamily homes were completed nationwide in June, more than in any other month in the past 50 years. That’s forcing owners to make concessions ranging from parking privileges to weeks of rent-free rent. Zillow said the share of listings on its platform offering such concessions rose to more than 33 percent last month, up from 25 percent a year earlier.

“Builders have stepped up and built incredible numbers of homes in response to rising rents during the pandemic, and renters are now reaping the benefits,” said Skylar Olsen, chief economist at Zillow. “A softening job market and lower mortgage rates could mean falling rents if current trends continue.”

The concessions varied in July.

Where they are: In 25 major metropolitan areas, with the biggest jumps in Birmingham, Louisville, Oklahoma City, San Jose and Portland.

Where they are located: In 24 major metropolitan areas, with the largest monthly declines in St. Louis, Kansas City, San Antonio, the Inland Empire and Baltimore.

Housing construction has been one of the main factors contributing to post-pandemic inflation, and further improvement in rental supply should help lower benchmark interest rates and strengthen the Federal Reserve’s case for lower interest rates. Nationwide housing inflation fell to 5.4% in June from a peak of over 8% last year.

The number of multifamily homes under construction hit a record high last year. While it has declined since then, June’s number was still higher than at any time since the early 1970s.

Jonathan Lansner of the Southern California News Group added to this report.