If you’ve ever rented or leased and apartment, you may have heard the term “concession” being thrown around during the leasing process, but you may not be entirely sure what it means. A concession is essentially a discount or special offer that is made in order to encourage a customer (in this case, you) to make a purchase or enter into an agreement (such as signing a lease or move-in by a date).
Concessions are commonly used in the real estate and multifamily industry, and they can take a variety of different forms. For example, a landlord may offer a concession in the form of a reduced rent price in order to attract tenants. Other types of concessions that you may encounter as an apartment renter include waived fees, free parking, or other perks.
It is important to keep in mind that concessions are typically only offered for a limited time, so if you are interested in taking advantage of one, it is important to act quickly. Additionally, it is important to carefully consider whether a concession is actually a good deal for you, as some terms require extended or longer lease terms.
If you are considering signing a lease on an apartment and are being offered a concession, be sure to carefully read and understand the terms of the agreement. Make sure that you are aware of the full concession details, and consider whether the concession is actually worth it for you.
Overall, concessions can be a useful tool for apartment renters looking to save money or secure additional perks, but it is important to carefully consider your options before committing to an agreement. By being informed and proactive, you can make the most of any concessions that may be offered to you during the leasing process.