What are Rent Concessions?

Rent concessions are incentives that work to make rentals more appealing to renters. Concessions are meant to attract renters and encourage them to quickly sign a lease so they do not miss out on the concession. However, in New York City, it is not common for landlords to struggle filling their empty units. The demand for apartments in the city is typically always high, meaning there’s less reason for landlords to offer concessions.

Common Rent Concessions

The most common rent concession is seen through changes in rent prices; but landlords may also choose to advertise free months rent, covering the broker's fee, and complimentary amenities if the building offers them. Rent concessions, however, are not easy to come by in New York City.

If you do find a rental unit that is offering a concession, you may want to act fast. However, be sure that you are not blinded by a good deal. Oftentimes, renters tend to look past the flaws of the unit, or even the neighborhood, due to a concession. This may lead to you being unhappy in the unit, but stuck in it until your lease is over.

How to Find Landlords Offering Rent Concessions

If you are looking to find a rental that is offering a concession, the first step is researching what landlords in your desired area are offering. Having an idea of what all the landlords are offering will allow you to properly negotiate with your potential landlord.

If they are desperately looking to fill vacancies, they are more likely to match the lower rent prices or rent concessions that other landlords are offering. However, it is still important to keep in mind that not all landlords are willing to give a concession, and of those who are, they may not all be willing to negotiate. How much power you wield as a renter will vary depending on the landlord’s number of vacancies, the location of the unit, and other factors.

What to Do if You Are Offered a Rent Concession

If you have been offered a concession, you should be sure to get this in writing. This is typically done by adding it onto your lease or the lease rider. A lease rider is an addition to the lease, which notes any special changes to the lease terms. This should be done as a safety precaution. It will ensure that you do not end up in a dispute with your landlord over a miscommunication of your concession.

Questions About Rent Concessions? Contact Outerbridge Law

If your landlord fails to honor a rent concession they’ve made, it can have a significant impact on your livelihood. Rent concessions such as a lower rent can save you money, but it might be a tradeoff too. If you knew your landlord wouldn’t stand by the rent concession, you might not have rented the unit in the first place due to the quality of the unit.

Fortunately, Outerbridge Law is here to help. If your landlord made rent concessions but is now going back on them, you may have a case. Contact Outerbridge Law today to schedule an initial case evaluation.