Finding the right place within your budget can be tricky when hunting for a new apartment. One way to stretch your dollar further is by taking advantage of rent concessions.
These concessions are incentives that landlords or property managers offer to make a rental unit more attractive. Landlords use this method, especially if high competition or sluggish sales exist.
If you're looking for your first apartment or moving to a new city, here is a quick guide on rent concessions to help you save on your next rental.
What Are Rent Concessions?
Rent concessions are temporary incentives offered by landlords or property managers. While concessions are often offered to new tenants, some landlords also use these incentives to retain existing renters.
These incentives are a great way to lower the upfront costs of moving or reduce monthly rent payments. Concessions can make it easier for individuals to afford an apartment in their desired area.
Different Types of Rent Concessions
Rent concessions come in a variety of forms. It is important to note that the landlord can offer you one or more concessions.
Some of the most common types of concessions include:
- Free Rent: Landlords can offer potential tenants one or more months of rent-free occupancy
- Reduced Rent: In some cases, landlords would not be willing to offer free rent. However, they may be willing to provide a temporary reduction in monthly rent for a certain period.
- Waived Fees: Landlords can also waive any fees related to rental applications, administrative processes, or moving in.
- Free or Discounted Amenities: If your apartment has parking spaces or gym memberships, landlords can offer these services at no or reduced cost.
- Moving Cost Assistance: Landlords may offer to cover the renter's expenses for movers, supplies, or transportation.
- Property Upgrades: In some cases, landlords can offer improvements like new appliances or updated fixtures.
How Can Renters Ask for Concessions
During negotiations, do not ask for concessions immediately. Begin by researching the market and shopping around for what other properties are offering before you negotiate for concessions from a potential landlord. Doing extensive research before you enter a negotiation puts you in a better position.
Additionally, prepare a clear request. This means you should be specific about the concession you hope to get from the landlord. Back up your request with data on current market conditions.
Lastly, make sure the agreed-upon concessions are reflected in the lease or added as an addendum. Review all the terms on your document before signing.
