Raleigh-Durham multifamily sees hefty concession growth in classes B and C

– Apartment concessions such as free months of rent and discounted rental costs have become more popular in Raleigh-Durham so far in 2024 as many building owners attempt to appeal to tenants.

– While class A multifamily properties have seen some decline in concessions since the highs they experienced in December of 2023, classes B and C have experienced growth in concessions in 2024 year to date.

– As a percentage of rent, class C provides the highest concessions at an average of 9.2% of rent, followed by class B with an average of 7.1% of rent. As recently as May of 2023, Class B had concessions of only 3.5% average, showing a large change in demand for units in buildings that are not A class.