Sheafe Street in Boston’s North End in July 2024. iStock photo

New data shows Greater Boston’s landlords are increasingly willing to give away things like a free month of rent as the apartment market slumps.

Data from Colliers shows the region’s larger, professionally managed buildings just hit their highest vacancy rate in several years. In addition to the tail end of an apartment-construction boom adding extra units to the market, the commercial brokerage’s researchers cite a weak job market in critical local industries such as education and health services.

Now, new data from Zillow shows that 31.1 percent of rental listings in the Boston area posted on the listing portal’s site were offering some kind of concession in April, up 8.2 percent from a year ago. The national average is 39.8 percent.

Late April and early May are typically the peak period for apartment availability in Greater Boston, according to data from listings site Boston Pads, with the rate usually falling each year as the key turn-over date of Sept. 1 approaches..

“Renters don’t have to settle this spring. With more supply on the market than in decades, there are real choices out there – and real room to negotiate on price, perks and terms,” Zillow Senior Economist Kara Ng said in a statement. “Renters are in a position to push for a better deal, and property managers are ready to give them one.”

If a rental is offering a concession such as a free month of rent or move-in incentives, it can be impactful for Boston renters, with the typical rent being $3,184 according to Zillow. The typical rent across the United States is $1,930.

Renters would need to earn $127,355 to afford the typical rent in Boston without taking on a roommate, Zillow economists calculated. Across the United States, renters only need to make $77,186.

Boston Renters Getting Concessions

by Sam Lattof time to read: 1 min
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