More than one in five professionally managed apartment units across the nation offered concessions in the second quarter of this year. This marks a sharp year-over-year increase, but still below the averages seen during the two previous economic growth cycles, according to Berkadia’s U.S. Apartment Concessions report. The concessions drive is partly due to increased competition from single and multifamily completions. In areas of higher supply, more owners and operators looked to concessions as a means of attracting new renters, the report noted. Yet, the trend may be shifting. With a slowdown in home and apartment deliveries and a projected increase in net absorption, the report suggests that the rate of multifamily units offering concessions could drop by some 120 basis points in the second half of 2024. Afterall, occupancy rates and concession levels are linked. But some experts aren’t so sure." https://lnkd.in/eT5TAzu5