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A surge in new apartment and housing developments across the United States has led to an increase in vacancies in many cities. This increase in supply has put pressure on landlords to lower rents and offer more attractive terms to prospective tenants in an effort to fill their units.
More options available in the market indeed means good news for renters. They have a wider variety of choices and can take advantage of lower rents. It also can lead to a trend of landlords offering perks or incentives to attract renters. These can range from a free month’s rent, to reduced or waived application fees, free parking, or even more creative offers.
Some landlords have turned to offering high-end perks such as free gym memberships, free Wi-Fi, or even a free subscription to a popular streaming service. This trend of increasing supply and decreasing rents could make it a great time for people looking to move or searching for a better deal.
However, the situation might not be the same in all states or cities. Where the construction boom happens the most and the new properties are not quickly filled, renters are more likely to enjoy decreased rent and various perks.
Please note, renters should also take into account the potential longer-term implications of these perks, as some landlords may increase rents or remove these benefits once the market stabilizes.
It’s also recommended that renters weigh all the costs and benefits when choosing an apartment or home, such as location, size, amenities and their specific needs and budget.
Additionally, renters should also take extra
