Landlords Discount Listing Prices To Appeal To Renters In Expensive Markets
US landlords have been increasing discount offerings on apartment asking prices in some of the most expensive markets in the country, a recent report reveals.
Trulia, an online real estate platform in San Francisco, reports that 21% of apartment listings in the 12 months ending Sept. 30 have been reduced by landlords—that’s up compared to the 14% of listing prices slashed last year. In more than 40 cities throughout the country, landlords have cut prices on at least 10% of listings, offering discounts and real estate trades that range from a free month’s rent to Uber gift cards, Bloomberg reports.
Offering rent reductions and discounts is nothing new, but Trulia data shows the percentage of landlords participating has ticked up, particularly in expensive markets, like San Francisco and Denver, where prices are surpassing renters' ability to pay. [Bloomberg]