10 Rental Markets Offering the Biggest Concessions to Renters in 2024

Summer’s over, and many of us are wondering what’s next. For some people, that might mean a move.

If you’re looking to mix up your living situation at the end of 2024, there are some good options. GOBankingRates spoke with real estate experts across the country to find out the best rental markets right now.

Here are 10 rental markets offering the biggest concessions to renters in 2024. All you have to do is pack your bags.

Austin’s not just keeping it weird; it’s keeping it cheap.

Brian Davis, the co-founder of SparkRental, shared his thoughts on the market: “Rents have declined in some markets, which is extremely rare. Six cities across the country have seen rents fall over the last year, including… Austin.”

But wait, there’s more. Davis added, “In six major metro areas, more than half of rental listings offer a concession. In Austin, [it’s] 50.5%.”

Flip a coin, and you’ve got a shot at some sweet, sweet rental perks.

Seamus Nally, the CEO at TurboTenant, backed this up, saying, “There are a handful of cities in the U.S. that are offering rent concessions. Some notable ones include Austin.”

So, if you’ve been dreaming of breakfast tacos and live music, now’s your chance to snag a deal hotter than Texas asphalt in July.

Raleigh currently has some major deals in the rental market, according to Davis.  

Nally also likes Raleigh, saying it’s among the cities “offering rent concessions… aiming to both attract new renters and retain current ones.”

So, whether you’re a newbie or an old-timer, Raleigh’s rolling out the red carpet.

Atlanta’s not just for peaches and Coca-Cola anymore. It’s a hotbed for rental deals. Davis tells us that more than half the landlords in Atlanta are offering concessions. 

Nally backs this up, listing Atlanta among the cities where renters can expect some good deals. So, if you’ve been itching to live in the ATL, now’s your chance to do it on the cheap.

Hold onto your cacti, because Phoenix is bringing the heat with its rental deals.

Chad Breeden from Sentry Real Estate said, “Landlords are offering up to two months of free rent to attract tenants due to oversupply in new apartment developments.”

Two months free is nothing to sneeze at — and you can probably get even better deals if you just ask.

What happens in Vegas… saves you money? Breeden reported, “Property owners are offering significant move-in bonuses and flexible lease terms to fill units quickly.”

Looks like Lady Luck is smiling on renters in Sin City.

Those aren’t the only cities offering concessions right now — our experts pointed out a few more:

• Des Moines, Iowa: Travis Johnson from Minnesota Nice Home Buyers says landlords are offering “one to two months of free rent, waived application fees and reduced security deposits.”
• Columbus, Ohio: Johnson reported that the city is offering “rent discounts, waived application fees and free utilities for a set period.”
• Charlotte, North Carolina: Breeden shared the following concessions: “waived application fees and discounted rent for the first six months in many complexes.”
• Orlando, Florida: According to Breeden, you could snag “cashback incentives and free upgrades like new appliances in exchange for signing longer leases.”
• Spokane, Washington: Franklin Ivy from Sound Homebuyers said to look for “one to two months of free rent, reduced move-in costs and waived application fees.”

Nathan Miller, founder at Rentec Direct, offered some sage advice. He said, “Some of the most affordable rent prices can be found in states like Iowa, Texas, Kansas and Kentucky.”

But he also noted that “affordability is often relative to the average wages of an area,” so it’s smart to make sure you’re moving to the area for reasons other than good deals on housing.