Rent Concession

A temporary discount or incentive offered to attract or retain a tenant. A free month of rent, reduced rent for the first three months, or a waived pet deposit. Concessions are a tool for high-vacancy markets or hard-to-fill units. The math matters: one month free on a 12-month lease reduces effective rent by 8.3%. Sometimes a concession fills the unit faster than holding firm on full-price rent and eating two months of vacancy.