Apartment concessions have reached their highest level in over a decade due to high supply and decreased renter demand. According to RealPage Market Analytics, 16.6% of stabilized apartments offered concessions in January, a full percentage point higher than December. This is the highest rate since mid-2014. The average January discount was 10.7%, or roughly five weeks of free rent. Despite only gaining 0.2% in February, rents are now down 1.5% year over year and the national vacancy rate hit a new peak of 7.4%. The increase in concessions is seen as a sign of progress in the real estate industry.