What Are Rent Concessions and When Should You Offer Them?

As landlords and building owners, the last thing on your mind is the idea of a rent concession. But when used properly, rent concessions can significantly improve your chances of attracting and keeping tenants, making the concept more appealing. 

What are rent concessions? When should you offer them? Read on to find out. 

What Are Rent Concessions? 

Rent concessions are a discounted rent rate that landlords offer current or prospective tenants. Typically, a rent concession is a short-term offer (think a move-in deal). 

Depending on the situation, rent concessions can be a long-term deal if the landlord believes it is suitable for their property. 

When Should You Use Them?

The most common way to use a rent concession is to entice potential movers to move to your property. For example, at the height of COVID-19, when city-dwellers moved away from big metropolitan areas in droves, many landlords offered rent concessions to attract renters. 

If you’re trying to rent a unit during a competitive market (due to a global pandemic or otherwise), rent concessions are a great tool to set your property above the competition. 

Other landlords sometimes use rent concessions to make up for a property with fewer amenities. 

For example, if your property is the only one in the area to not provide tenants with amenities like an on-site gym, you could use a rent concession to cover the costs of tenants paying for a gym membership elsewhere. 

While this isn’t as common, ideas like this can challenge your creativity in using rent concessions to give your property an edge. 

Looking for someone to help market, manage, and give insight into your property? Consider using property management services to set your property above the rest. Give Reliable Property Management a call today at 443-869-3799.