Nearly half of San Antonio landlords offering concessions as real estate market slows | San Antonio

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Ben Olivo

There is a “For Rent” sign in the yard of a house in San Antonio.

Nearly half of all rental listings in San Antonio offer concessions of some kind due to the continued stormy climate of the national real estate market, new data from real estate marketplace Zillow shows.

According to Zillow’s numbers, 46.4% of all rental contracts in Alamo City last month included incentives or discounts, such as one to two months of rent-free time, waiving or reducing pet deposits, or reducing security deposits, to name a few.

The generous offers from apartment complexes and small landlords are the result of a post-pandemic construction boom fueled by low interest rates and above-normal demand, according to Zillow.

“Now is a great time for renters to snap up a bargain, with more new homes coming onto the market than at any other time in decades,” Zillow chief economist Skylar Olsen said in a statement.

In fact, nearly 60,000 multifamily homes were completed in June, more than any other month in the last 50 years, according to Zillow. Additionally, rents may continue to fall nationwide as the economy slows.

“If current trends continue, a weakening labor market and lower mortgage rates could lead to falling rents,” Olsen said.

Austin had the highest percentage of landlords making concessions to tenants: 50.5% of listings offered special discounts. Meanwhile, Dallas came in second at 47.6%, while only 35.4% of landlords in Houston made concessions to prospective tenants.

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