It's a renter's market: 2 in 5 listings come with a deal this spring
Rhea-AI Summary
Zillow (NASDAQ:Z) reports a record spring for rental concessions, with 39.8% of U.S. listings on its platform offering incentives, up 5 percentage points year over year and more than double pre-pandemic levels. A national vacancy rate of 7.3% and typical rent of $1,930 (income needed $77,186) give renters more leverage, especially in high-construction markets like Denver, Charlotte and Dallas, where over 64% of listings advertise deals.
Positive
- None.
Negative
- None.
News Market Reaction – Z
In the May 27 session, Z gained 0.87%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 21 | Housing market report | Positive | +0.8% | Report on sales rebound in metros where inventory has surged. |
| May 18 | Rental market ranking | Positive | -1.3% | Zillow names Providence as hottest rental market for summer 2026. |
| May 15 | Seller survey & product | Positive | +0.8% | Survey on seller preferences and promotion of Zillow Preview collaboration. |
| May 14 | Dual agency research | Negative | -3.0% | Research showing sellers lost $1.49B in same-agent deals. |
| May 06 | Q1 2026 earnings | Positive | -1.9% | Revenue and profit growth with segment detail and buybacks. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent Zillow news, mostly data and research releases, has produced mixed reactions: three events aligned with their implied tone, while two (including earnings) saw price moves in the opposite direction.
Over the past month, Zillow has issued several data-driven reports and earnings. On May 6, Q1 2026 results showed $708M revenue, but shares fell 1.91%. Subsequent research pieces on dual agency costs ($1.49B impact), seller preferences, and housing inventory saw both positive and negative reactions. The latest housing market rebound note on May 21 coincided with a 0.77% gain, underscoring inconsistent market responses to similar informational releases.
Key Terms
rental vacancy rate technical
zillow observed rent index (zori) financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Rental concessions — move-in incentives and other freebies — hit a record high for this time of year
39.8% of rentals on Zillow offered concessions this spring — up 5 percentage points from a year ago, according to a new Zillow analysis.- Incentives are most common in
Denver (68.3% ),Charlotte (66.6% ) andDallas (64.2% ). - The share of listings offering concessions has more than doubled since before the pandemic.
A year ago, roughly 1 in 3 rental listings offered a concession. Before the pandemic, it was closer to 1 in 6. The shift reflects a market where supply has outpaced demand. Renters now have more options and leverage than they've had in years. In response, property managers are increasingly offering sweeteners to get tenants through the door.
"Renters don't have to settle this spring. With more supply on the market than in decades, there are real choices out there — and real room to negotiate on price, perks and terms," said Zillow® Senior Economist Kara Ng. "Renters are in a position to push for a better deal, and property managers are ready to give them one."
A wave of new apartment construction, particularly across the Sun Belt, has added inventory nationwide, pushing the national rental vacancy rate to
Not coincidentally, the markets with the highest share of concessions are places where apartment construction has boomed in recent years:
In Zillow's hottest rental markets, places where competition among renters remains fierce, property managers don't need to offer as many sweeteners to fill units. Concessions are lowest in
For renters who land a concession, the savings can add up fast. At a time when you need to earn nearly
For property managers, this market rewards transparency and ease. Renters are doing their homework: Nearly 6 in 10 say seeing fees and lease terms upfront is essential, and more than half say a private tour is a must before signing. Listing concessions prominently and enabling Instant Tours are simple steps that can make the difference between a lease signed and a unit left empty.
Metro | Share of Rental | Share of Rental Listings | Typical Rent, | Income |
39.8 % | 5.0 % | |||
18.4 % | 1.7 % | |||
30.9 % | 3.9 % | |||
21.7 % | -0.1 % | |||
64.2 % | 10.4 % | |||
51.8 % | 5.5 % | |||
57.9 % | 6.9 % | |||
34.3 % | 3.0 % | |||
28.9 % | 5.4 % | |||
59.1 % | 4.9 % | |||
31.1 % | 8.2 % | |||
59.9 % | 8.4 % | |||
27.1 % | -8.0 % | |||
28.7 % | 2.7 % | |||
26.1 % | 2.1 % | |||
54.2 % | 5.4 % | |||
39.1 % | -0.9 % | |||
38.0 % | 7.0 % | |||
50.4 % | 10.3 % | |||
68.3 % | 5.8 % | |||
37.7 % | -3.6 % | |||
26.8 % | 3.9 % | |||
53.4 % | 4.7 % | |||
66.6 % | 2.0 % | |||
55.6 % | 4.9 % | |||
49.0 % | 5.1 % | |||
31.6 % | 4.3 % | |||
27.1 % | 5.9 % | |||
28.6 % | 8.2 % | |||
63.8 % | 1.0 % | |||
53.0 % | 10.1 % | |||
35.3 % | 7.3 % | |||
47.1 % | 12.6 % | |||
48.9 % | 12.2 % | |||
26.3 % | 4.2 % | |||
32.5 % | -6.5 % | |||
62.6 % | 5.2 % | |||
30.7 % | 4.4 % | |||
12.6 % | 2.3 % | |||
48.9 % | 1.0 % | |||
22.9 % | -0.4 % | |||
30.9 % | 6.2 % | |||
62.9 % | 2.9 % | |||
43.0 % | 13.1 % | |||
48.0 % | 7.9 % | |||
42.5 % | 10.0 % | |||
19.2 % | 8.1 % | |||
62.5 % | 3.1 % | |||
24.9 % | 6.4 % | |||
11.1 % | 2.2 % | |||
43.7 % | 17.7 % |
*Table ordered by market size |
About Zillow Group
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people.
As the most visited real estate app and website in
Zillow's ecosystem spans the entire home journey — from dreaming and shopping to renting, buying, selling and financing.
Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans®, Zillow Rentals®, Zillow® New Construction, Trulia®, StreetEasy®, Out East®, HotPads®, Follow Up Boss®, ShowingTime®, dotloop® and Zillow® Closing.
All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 2026 MFTB Holdco, Inc., a Zillow affiliate.
(ZFIN)
View original content to download multimedia:https://www.prnewswire.com/news-releases/its-a-renters-market-2-in-5-listings-come-with-a-deal-this-spring-302782682.html
SOURCE Zillow