Renters in the U.S. may be slowly gaining the upper hand over landlords in the housing market.
National average rent fell to $1,708 in October, a 0.3% decrease from September’s figure, according to real estate data firm CoStar. It was the largest October drop in more than 15 years and marked the third consecutive month of negative change in monthly rent.
Part of the slowdown can be chalked up to a glut of available housing, with builders finishing more multiunit homes in 2024 than any year in the last half century, according to Zillow.
As a result, some landlords are willing to make concessions to get a signature on a lease, according to Zillow. Landlords are offering freebies, such as free months of rent or complimentary parking, on 37% of rentals, Zillow reports, up from 14.4% in 2019.
In this market, you have the power to negotiate what you pay in rent, says Justin Pogue, a property manager of more than 20 years and author of “Rental Secrets.”
