May 19, 2026
A few years ago, finding a rental apartment in some markets could feel a bit like participating in the Hunger Games. But conditions have shifted in many cities since then. Now, some landlords are even offering reduced rent or other concessions in an effort to attract and retain tenants.
Marco Bario, who rents a four-bedroom townhouse in Frederick County, Maryland, with his wife Tracy Neill, told Business Insider that they were able to negotiate a price drop of $275 a month off their rent when renegotiating their lease (1).
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Bario found that comparable rentals in their neighborhood were going for hundreds less than their $3,650-per-month rate. Bario told Business Insider that, while they like their landlord, "the market's the market." Falling rental prices in the area gave them leverage to push for a better deal.
What's happening with the rental market
A wave of apartment construction has resulted in a glut of units available to rent, giving tenants more choice and more bargaining power.
In 2020 and 2021, developers responded to the market as urbanites in high-cost cities like New York and San Francisco looked to get more bang for their buck in other regions while working remotely during the pandemic.
But building a new apartment complex generally takes a couple of years, and sometimes even longer if there are any construction or labor supply constraints like there was during the height of the pandemic.
Now, those apartments are coming onto the market.
More than 506,000 new apartments became available across the nation in 2025, which is the second-highest total in more than a decade, according to data from RentCafe (2). More than half of these were located in Southern states.
By January 2026, the apartment market was considered "relatively renter-friendly," according to Realtor.com data, with an average rental vacancy rate of 7.6% in 2025 among 50 metros. Of those metros, just six favored landlords, while 22 were considered renter-friendly and 22 were balanced. All unit sizes saw rent declines (3).
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But more housing isn't the only factor. Immigration to the U.S. has declined sharply, which has slowed population growth and decreased demand for housing (4).
At the same time, the hiring slowdown (or, in some cases, hiring freeze) means that fewer Americans are relocating for work. The trend of 'job hugging' could perhaps lead to 'apartment hugging.'
Property owners, who don't want to let units sit empty for months on end, are responding with ways to attract and retain tenants.
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How to score cheaper rent or concessions
While renters may have the upper-hand for now, it won't last forever. Developers are expected to deliver fewer units in 2026, thanks to rising construction and labor costs as well as tighter financing.
"Though 2025 was still marked by high deliveries, new multifamily starts and permits slowed significantly compared to the frenzied pace of 2021–2022," according to CBI's U.S. Multifamily Market 2025 Recap and 2026 Outlook. "This slowdown in new starts set the stage for tighter conditions in 2026 and beyond (5)."
So, if you live in a metro area where supply exceeds demand, now could be a good time to look for a new apartment or, if your current lease is up for renewal, to ask for concessions, such as a free month's rent, a discount on rent or a waived application fee.
"Right now, 41.2% of multifamily properties nationwide offer rent concessions, a 9.9 percentage point increase over 2025," according to Apartments.com. Currently, Sun Belt states like Texas, Arizona and Florida have a glut of rentals, meaning renters have more negotiating power there (6).
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Start by doing your research on sites like Zillow or Apartments.com, so you know what similar apartments are going for in your current (or coveted) neighborhood. Don't just compare costs, but also location, amenities and square footage.
This gives you negotiating power, whether you're signing a new lease or renegotiating your current one. As Neill, Bario's wife, told Business Insider: "Having that information was probably more helpful than I could have imagined (7)."
Keep in mind that, even in a tight market, it's easier for your landlord to keep you as a tenant than find a new one.
It costs money to put a unit back on the market, from lost rent during vacancy to cleaning costs, repairs and touch-ups, marketing and advertising expenses, as well as administrative costs. One estimate puts this as high as $2,000 to $5,000 for a standard unit (8).
Even if your landlord isn't able to reduce your rent, you may be able to secure concessions to sweeten the deal. After all, it never hurts to ask.
Article sources
We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.
Business Insider (1),(7); RentCafe (2); Realtor.com (3); Brookings Institution (4); CBI Commercial (5); Apartments.com (6); Rod Khleif (8)
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Vawn Himmelsbach is a veteran journalist who covers tech, business, finance and travel. Her work has been featured in publications such as The Globe and Mail, Toronto Star, National Post, CBC News, Yahoo Finance, MSN, CAA Magazine, Travelweek, Explore Magazine and Consumer Reports.
