Not all concessions deliver the same impact. While "one month free" still dominates the multifamily landscape, recent trends show operators branching out, experimenting with creative lease perks, reduced upfront costs, and unexpected bonuses to attract renters.

In today's softening market, where residents have more choices than ever, understanding which incentives resonate, and where, is critical to staying competitive and leasing efficiently.

The Front-Runners: Monetary Incentives Still Lead

Unsurprisingly, free rent remains the top concession in 2025. The most common offer this year is still one month free, either applied upfront or prorated across the lease term. In more competitive lease-ups or tight submarkets, some operators are even extending two or three months free to stand out.

Other widely used monetary concessions include:

• Waived application or admin fees
  
  
• Flat-rate rent discounts (often in the $500–$1,000 range)
  
  
• Move-in bonuses or reduced deposits
  
  

These offers are straightforward, easy for prospects to understand, and impactful during leasing conversations, especially as affordability remains a top priority for many renters.

Creative Concessions Are Gaining Ground

While monetary incentives still dominate, operators in high-competition markets are turning to more creative alternatives that offer strong perceived value—often at lower cost.

These include:

• Gift cards or signing bonuses
  
  
• Look-and-lease perks (e.g., sign within 48 hours and receive an incentive)
  
  
• Waived parking or amenity fees
  
  
• Free move-in services or professional cleanings
  
  
• Event tickets or tangible gifts like TVs or smart devices
  
  

These types of concessions can stand out in cluttered markets, especially when targeted to local renter preferences or used strategically to create urgency.

Know What Works in Your Market

One-size-fits-all strategies don't apply to concessions. A free month may be a baseline in some metros and a differentiator in others. Regional dynamics, renter expectations, and competitive saturation all shape what works.

A recent national concessions analysis found that the most effective strategies vary widely by market and asset type—highlighting the need for hyper-local, real-time data when crafting your offer mix.

Level Up Your Concession Strategy

This blog draws from insights featured in the Concessions 2025 Guide, which breaks down national trends, market-level effectiveness, and the rising role of creative offers in today's leasing strategies. If you're planning a new lease-up or rethinking your pricing and incentive strategy, the guide offers a deeper look at what's converting, and why.