Over half of the stabilized units in San Jose are offering some kind of concession on rents as the apartment market continues to battle the COVID-19 fallout. With 54.1% of San Jose apartments offering concessions, discounts are being offered at more than double the volume of units providing concessions one year ago. San Francisco and Oakland aren’t far behind with discounts offered on nearly 40% of units. Meanwhile, a trio of Texas markets – Houston, San Antonio and Austin – are also seeing roughly 40% of units offering concessions. Texas markets tend to run high on move-in specials, though Austin has nearly doubled its rate of units offering concessions over last year’s volumes. The rankings of markets with the most units offering concessions has shuffled considerably over the last three quarters as hard-hit markets scramble to incite demand from would-be residents.
