While the U.S. rental market has enjoyed unusually generous concessions for the past two years, recent data indicate that the era of free‑month offers is winding down. The U.S. Census Bureau reported a national rental vacancy rate of 7.3% in the second quarter of 2026, only slightly above the 7% level recorded a year earlier and well above the 5.6% rate seen four years ago when competition for apartments was at its peak.

Concessions becoming less common

In June, 39.7% of rental listings on Zillow included a concession such as free rent, waived fees, or free parking, up from 35.2% a year earlier. Before the pandemic, roughly one in six listings offered a concession. Zillow senior economist Kara Ng noted that renters still have room to negotiate on price, perks and lease terms, even as the market tightens.

Rents are rising

As concessions recede, asking rents have risen. The median asking rent in June reached $1,965, a 2.2% increase over the same month last year. Apartment List’s August index shows rents climbing for the seventh straight month, while multifamily vacancy sits at 7.1% – near its recent peak but beginning to decline for the first time since late 2021. Zillow projects a gradual tightening of the market as new construction slows and absorption rises.

What renters value most

An AppFolio survey conducted from Jan. 26 to Feb. 4, 2026, sampled 3,002 U.S. renters. The findings highlight several actionable areas for property operators:

• Maintenance satisfaction is the strongest predictor of renewal. Renters who rate maintenance positively are 81% more likely to renew and 36% less likely to move.
• Speed of response matters. Among satisfied renters, 47% said issues were resolved within days and 32% within hours.
• Online portals boost satisfaction: 85% of renters with portal access report higher maintenance satisfaction versus 78% without.
• Communication preferences vary by urgency: 66% want a phone call for emergencies, while routine matters are best handled by email (51%) or text (43%).
• AI assistants improve perceived communication quality, with 86% of users reporting higher satisfaction compared to 77% of non‑users.

Service gaps and willingness to pay

Despite the clear preferences, gaps remain. While 84% of renters say an online portal is important, only 59% have access. Digital move‑in tools are deemed important by 64%, yet just 31% can use them. Bundled resident services see the largest gap: 78% say they matter, but only 33% have access.

When asked about paying for extra services, 79% said they would be willing to do so, provided the lease terms are transparent. A transparent lease‑signing experience—clearly stating base rent and all additional costs—was rated important by 95% of respondents.

Impact on renewals and reputation

Satisfied renters are five times more likely to recommend their management company (84% vs. 16% for dissatisfied renters) and rate their experience at an average of 4.1 out of 5 stars. Moreover, 90% say an online reputation influences their leasing decision, making current service quality a driver of future demand.

Takeaway for property owners

As rent discounts lose their competitive edge, operators should focus on the aspects of the rental experience that cannot be replicated with a coupon. Prompt, transparent maintenance, accessible online tools, and clear communication channels are proven levers for boosting satisfaction and retaining tenants.

The AppFolio 2026 Renter Preferences Report reflects self‑reported attitudes and experiences at the time of the survey. Respondents represent a cross‑section of ages and household incomes aligned with U.S. Census Bureau data.

Original reporting: El Paso News (HLL/CB) — read the source article.