What is rent concession?

Rent concessions are incentives offered by landlords to prospective renters in order to entice them to lease a property. These concessions can come in the form of reduced monthly rent, waived application fees, complimentary amenities or services, or other perks.

Rent concessions are typically temporary and may only be offered for a limited time period, such as a few months at the beginning of a lease. Landlords may use rent concessions as a way to fill vacancies quickly, attract high-quality tenants, or to compete with other properties in a competitive rental market.

It's important for renters to carefully review the terms and conditions of any rent concession before signing a lease agreement, as some concessions may come with certain requirements or limitations. Additionally, renters should consider the long-term implications of a rent concession, as the rent may increase significantly once the concession period expires.