What is a rent concession?

A rent concession is a discount or incentive offered by a landlord to a tenant in order to attract or retain their business. It is typically a temporary reduction in rent or a special offer, such as a free month of rent or reduced security deposit.

Rent concessions are often used in competitive rental markets or during slow leasing periods to incentivize tenants to lease a property. They can also be offered as a way to retain current tenants, especially if they are facing financial difficulties or considering moving out.

It is important for both landlords and tenants to clearly understand the terms and conditions of a rent concession, including any possible implications for future rent payments or lease terms. Rent concessions are usually outlined in the lease agreement or as a separate addendum.

Overall, rent concessions can be a valuable tool for landlords to attract and retain tenants, while also providing tenants with financial relief or incentives to stay in a property.