Chart of The Week – October 23rd 2023

While fundamentals have slowed and concessions have been on the rise in most markets this year, it is important to look at average concessions in a longer-term context. Concessions have increased more than 50% from this time last year, however, the average national concession remains lower than it was from 2017-late 2021. Some markets with significant new supply are experiencing higher than average concessions, however the overall use of concessions is lower than the previous cycle.