New data from Zillow released Monday showed that more property managers made concessions on their rents in July as rent growth slowed. Zillow says the post-pandemic construction boom continues to help moderate rent growth. More new multifamily housing was completed in June than in any other month since the 1970s, with nearly 60,000 apartment buildings completed nationwide during the month.

The percentage of rental listings on Zillow that offered perks—such as free weeks of rent or free parking—rose to 33.2 percent in July, up slightly from 33 percent in June and 25.4 percent a year earlier.

According to Zillow, the last two years have been quite kind to apartment renters. While multifamily rents are still rising, up 5.1% since July 2022, this pace is in line with historical norms and is a welcome relief for renters after an astonishing 22.3% increase over the past two years. Monthly rent growth for multifamily properties slowed for the second month in a row in July.

Additionally, renters have received perks more frequently over the past two years. The share of rental listings on Zillow offering at least one perk hit a 29-month low of 19.4% in July 2022. That share has increased significantly since then, peaking at 33.6% in April.

In the background information and analysis accompanying the report, Zillow Chief Economist Skylar Olsen stated:

“Builders have built an incredible number of apartments in response to rising rents during the pandemic, and renters are now reaping the benefits. Now is a good time for renters to get a bargain, with more new apartments coming onto the market than at any time in decades. While rents are still rising, they are a far cry from the steep increases seen two or three years ago, and renters will find attractive deals at more than half of rents in some places. A softening job market and lower mortgage rates could mean falling rents if current trends continue.”

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