Nearly 40% of U.S. Rentals Now Offer Concessions: Good News If You're Saving to Buy

Many Vietnamese families in Atlanta are currently renting while saving for a down payment. The good news: Zillow's latest rent report shows this is one of the best times in years to be a renter. Megan Huynh shares how to make the most of it.

1. Rental Concessions Hit a Record High

• 39.8% of rental listings on Zillow now include concessions (free rent, waived fees, reduced move-in costs) — up 5 percentage points from last year.
• A year ago, only about 1 in 3 listings had a concession; before the pandemic, it was closer to 1 in 6.
• The driver: a wave of new apartment construction pushed the national vacancy rate to 7.3%, well above 2021's 5.6%.

Source: Zillow Research.

2. How Much Can You Actually Save?

With the income needed to afford a typical U.S. rental now near $77,200/year, one free month of rent puts roughly $1,930 back in your pocket — real money that can go straight into your down payment fund.

3. Three Moves Renters Should Make Now

• Ask for concessions at renewal: don't hesitate to negotiate — landlords need to fill vacancies.
• Redirect the savings into your down payment fund: every free month gets you closer to qualifying for an FHA (3.5% down) or Conventional (3% down) loan. Run the exact numbers in Down Payment & Closing Costs Explained.
• Build your credit in parallel: use the savings window to improve your credit score for a better rate when you're ready to buy.

Renting doesn't mean sitting out of homeownership — it can be a smart stepping stone if timed right. Megan Huynh will help you build a concrete plan to move from renting to owning as fast as possible. Browse the full Georgia Home Loans lineup. Call 404-731-3700 today!