What to Know About Rent Concessions - Apartments.com
A rent concession is a temporary offer a property manager or landlord might make to attract or retain tenants. Generally, landlords will use rent concessions to avoid vacancies, and they ar… See more
FAQs about What to Know About Rent Concessions - Apartments.com Coupon?
What are rent concessions?
Rent concessions are discounts or special offers that landlords or property managers can offer to prospective and current tenants. Rent concessions can either be long-term or for one-time use to generate tenant interest through rental listings or motivate tenants to renew their lease for another term. ...
Can a landlord give a tenant a rent concession?
Rent concessions can be used on a one-time, monthly, or yearly basis. Although rent concessions are given at the landlord’s discretion, it is common for tenants to ask for a concession, which results in a negotiation based on the tenant’s needs and the landlord’s preference. ...
Are concessions a good idea for renters?
“Concessions are a way of sweetening the deal for renters without reducing rent,” says Fairweather. “They might include a free month of rent, waived security deposits, or waived fees like application or parking fees.” Landlords typically use concessions to fill vacancies more quickly or stay competitive in the market. ...
What is a rent concession addendum?
They are also known as leasing concessions, tenant incentives, or apartment concessions. If you are a landlord or property manager, offering a rent concession addendum can be a great way to build and foster a strong relationship with your tenants. ...
Why do property managers offer rent concessions?
Property managers might offer rent concessions for a variety of reasons. More often, they’re used to attract new tenants in a competitive market with high vacancy rates. Landlords might also provide concessions to retain existing tenants, reduce turnover costs, or respond to economic downturns. ...
What concessions do apartment communities offer?
Here are seven concessions apartment communities commonly offer: Owner- or landlord-paid broker fee (in instances when the tenant is represented by an agent) ...
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