One important concept that often arises is the rent concession. A rent concession is a discount or benefit offered by a landlord to attract or retain tenants. It could be a temporary reduction in rent, a free month of rent, or other incentives like reduced security deposits. Rent concessions became especially common during the COVID-19 pandemic when rental markets softened, but they remain a valuable tool today. If you are negotiating a lease in New York City, understanding how a rent concession works can save you thousands of dollars or protect your financial interests as a landlord. For tenants, it’s crucial to read the lease carefully. A rent concession might not permanently lower your rent; it could simply delay payment. Some agreements require you to repay the discounted amount if you break the lease early. Without proper legal review, tenants may unknowingly expose themselves to significant financial liability.
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