A construction boom in the U.S. has resulted in lower rents and other benefits for renters. Record-construction activity since the pandemic has increased the supply of empty units, meaning more inventory is available for renters. More multi-family units were completed in June than in any month in nearly 50 years, according to Zillow Group, an online marketplace for real estate. Landlords are taking notice and are now adding rent concessions — discounts, incentives or perks to attract new renters — like free weeks of rent or free parking. About a third, 33.2%, of landlords offered at least one rent concession in July across the U.S., up from 25.4% last year, Zillow found. Meanwhile, the median asking rent prices for all bedroom counts slid in July, the first time that’s occurred since 2020, according to Redfin, a real estate brokerage site. The median asking rent price for a studio or one-bedroom apartment fell 0.1% to $1,498 a month;…
