Chart Of The Week – December 11th 2023
Chart of the Week – December 11th 2023
Top 10 Markets for Average Monthly Concessions
Concessions have been increasing in most markets across the country. The winter is often the season where we see highest concession activity and given the downturn in fundamentals in recent months, concession activity is even higher than in recent years. San Francisco and San Jose have the highest average concessions. Bay Area concessions are nearly double the third and fourth place markets. While San Francisco, New York and Los Angeles are some of the most expensive markets and would therefore also have high dollar concessions for units offering discounts, less expensive markets like Minneapolis, Salt Lake City and Nashville also show up in the top 10 markets for highest concessions. As new supply continues to deliver, concession activity will remain elevated especially in lease-up product.
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