08/06/2026
Rents are up… but are landlords actually making more money?
On paper, the rental market looks strong. The average U.S. asking rent climbed to $1,965 in June, up 2.2% year over year.
But there’s a catch.
Nearly 40% of rental listings are now offering concessions—free rent, waived application fees, or other incentives to attract tenants. That’s a noticeable increase from just one year ago.
What does that mean?
👉 The advertised rent isn’t always the rent landlords are actually collecting.
A property listed for $2,000/month with one month free is generating significantly less income than the headline price suggests. Those concessions directly impact cash flow, investment returns, and ultimately how lenders evaluate a property’s performance.
It’s a good reminder that in today’s market, effective rent matters more than asking rent.
Whether you’re an investor, property owner, or simply watching the housing market, it’s worth looking beyond the headlines. The market is more nuanced than the numbers alone suggest.
What are you seeing in your local market? Are concessions becoming more common, or are properties still leasing without incentives?