{"id":96872,"date":"2024-10-10T11:13:51","date_gmt":"2024-10-10T18:13:51","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=96872"},"modified":"2024-10-18T11:44:28","modified_gmt":"2024-10-18T18:44:28","slug":"rent-concession","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/rent-concession\/","title":{"rendered":"What Is a Rent Concession? Our Chief Economist Reveals How to Ask, Negotiate, and Save on Your Next Apartment"},"content":{"rendered":"<h3><span style=\"font-weight: 400;\">Key takeaways<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Rent concessions are generally one-time incentives, like three months of free parking, six weeks of free rent, or a waived security deposit<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Concessions can be great for a renter\u2019s budget by reducing short-term housing expenses, but can lead to surprisingly high costs when it comes time to renew<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Landlords are more likely to offer concessions when rents are flat or falling, or when demand is low, to attract tenants without lowering rents<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Rents are starting to fall in some pockets around the country, which is good news for renters and a stark contrast from the pandemic-induced record highs. This is because <\/span><a href=\"https:\/\/www.redfin.com\/news\/america-building-fewer-apartments-2024\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">more new apartments<\/span><\/a><span style=\"font-weight: 400;\"> continue hitting the market, causing supply to outpace demand. Rents are falling the most in metros that are seeing the biggest gains in supply.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But for landlords, too much supply often results in <\/span><a href=\"https:\/\/www.redfin.com\/news\/new-rentals-absorption-q2\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">higher vacancy rates<\/span><\/a><span style=\"font-weight: 400;\">. When this happens, they may offer rent concessions to attract tenants and fill units faster. That\u2019s what\u2019s happening now, and is why <\/span><a href=\"https:\/\/www.cnbc.com\/2024\/08\/14\/heres-where-rent-concessions-are-happening-the-most-in-the-us-.html\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">more than one-third<\/span><\/a><span style=\"font-weight: 400;\"> of landlords offered at least one concession in July. These concessions are designed to make leases more appealing without permanently lowering monthly rents.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Renters may now find themselves in a negotiating position, with opportunities to score a better deal if they <\/span><a href=\"https:\/\/www.redfin.com\/guides\/how-to-find-a-rental-home\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">know what to look for<\/span><\/a><span style=\"font-weight: 400;\">. But knowing how to spot concessions \u2013 and when to take advantage \u2013 can be tricky. So what exactly is a rent concession, and how can it benefit you as a renter?\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We asked <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/darylfairweather\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Redfin\u2019s Chief Economist, Daryl Fairweather<\/span><\/a><span style=\"font-weight: 400;\">, to help answer some common questions for renters. Let\u2019s dive in, uncover answers, and learn tips along the way.\u00a0<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-81114\" src=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/02\/GettyImages-173610235.jpg\" alt=\"Modern townhouses\" width=\"945\" height=\"652\" srcset=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/02\/GettyImages-173610235.jpg 1200w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/02\/GettyImages-173610235-300x207.jpg 300w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/02\/GettyImages-173610235-1024x707.jpg 1024w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/02\/GettyImages-173610235-768x530.jpg 768w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/02\/GettyImages-173610235-217x150.jpg 217w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/02\/GettyImages-173610235-913x630.jpg 913w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/02\/GettyImages-173610235-435x300.jpg 435w\" sizes=\"(max-width: 945px) 100vw, 945px\" \/><\/p>\n<h2><span style=\"font-weight: 400;\">What is a rent concession?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A rent concession (also called a lease concession) is a temporary discount or incentive that landlords can offer to make a rental more attractive. \u201cConcessions are a way of sweetening the deal for renters without reducing rent,\u201d says Fairweather. \u201cThey might include a free month of rent, waived security deposits, or waived fees like application or parking fees.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Landlords typically use concessions to fill vacancies more quickly or stay competitive in the market. While these one-time offers can help lower a renter\u2019s upfront costs, they generally don\u2019t affect the longer-term monthly rent, so it\u2019s important to review the terms carefully before signing a lease.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Rent concessions vs discounts<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Rent concessions and discounts both offer financial relief, but in different ways. Concessions are temporary perks, like a free month of rent or waived fees, without lowering the monthly rent. Discounts, however, reduce the monthly rent for the duration of the lease, providing ongoing savings.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Types of rent concessions<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Rent concessions vary widely and can offer savings or added value to renters. You may be offered one or more concessions, depending on your landlord, lease, and any negotiations.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Common types of rent concessions include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Free rent<\/b><span style=\"font-weight: 400;\">: A certain number of months offered rent-free, typically at the start of the lease.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Reduced rent<\/b><span style=\"font-weight: 400;\">: A temporary reduction in the monthly rent for a specific period.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Waived fees<\/b><span style=\"font-weight: 400;\">: Landlords may waive application fees, administrative fees, or move-in fees.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Discounted security deposit<\/b><span style=\"font-weight: 400;\">: A lower security deposit than what\u2019s typically required.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Free amenities<\/b><span style=\"font-weight: 400;\">: Access to services like parking, gym, or storage at no additional charge.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Lease flexibility<\/b><span style=\"font-weight: 400;\">: Offering shorter or more flexible lease terms without the usual premium.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Upgraded unit features<\/b><span style=\"font-weight: 400;\">: Free or discounted unit upgrades, like appliances or flooring.<\/span><\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-87136 size-blog-post\" src=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/09\/selling-a-rental-realtor-945x630.jpg\" alt=\"Financial consultation with financial advisor\" width=\"945\" height=\"630\" srcset=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/09\/selling-a-rental-realtor-945x630.jpg 945w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/09\/selling-a-rental-realtor-300x200.jpg 300w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/09\/selling-a-rental-realtor-1024x683.jpg 1024w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/09\/selling-a-rental-realtor-768x512.jpg 768w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/09\/selling-a-rental-realtor-225x150.jpg 225w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/09\/selling-a-rental-realtor-450x300.jpg 450w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/09\/selling-a-rental-realtor.jpg 1200w\" sizes=\"(max-width: 945px) 100vw, 945px\" \/><\/p>\n<h2><span style=\"font-weight: 400;\">How to ask for a rent concession<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Asking for a rent concession involves research, <\/span><a href=\"https:\/\/www.redfin.com\/guides\/can-you-negotiate-rent\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">negotiation<\/span><\/a><span style=\"font-weight: 400;\">, and documentation. Here\u2019s a breakdown.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">1. Research the market<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If you\u2019re a renter on the hunt for a new apartment, research is vital. Fairweather suggests, \u201cshopping around for what other properties are offering before advocating for concessions from a potential landlord.\u201d This helps you understand the market and gives you a better position when negotiating.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">2. Make a clear request<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Prepare a clear request explaining the current market conditions and be specific about the concession you\u2019re seeking. Whether it\u2019s a reduced rent or waived fees, having the data to back up your request is essential.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">3. Negotiate lease renewals<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If you\u2019re looking to renew your lease with an additional concession, communication is key. Explain how the concession would help you stay longer, and bring market data if necessary. Be open to negotiation and flexible with alternatives if your initial request isn\u2019t feasible.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">4. Document the agreement<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If you and the landlord reach an agreement, make sure the concession is reflected in the lease or added as an addendum. Review all terms carefully before signing, and plan for future expenses when the concession period ends.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Rent concession considerations for renters<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Rent concessions can make a property more affordable initially, but renters could see a significant increase in overall housing costs once benefits expire. So, it\u2019s important to plan ahead. Here are a few considerations to keep in mind.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Calculate the total value of a concession<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">To grasp the full benefit of the concession, translate it into a monthly expense and multiply it by the number of months you receive it. A waived security deposit of $1,000 is an immediate $1,000 saving, whereas $60 waived parking for three months is worth $180.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Anticipate increased expenses once concession ends<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">This is crucial. \u201cYou could see a large increase in your overall housing expenses once the concessions expire,\u201d cautions Fairweather. For example, if parking costs $60 per month, and you have free parking for three months, that&#8217;s a total savings of $180. After the concession, you&#8217;ll need to start paying that $60 monthly fee, which increases your housing expenses.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Look at the fine print<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Notice clauses that might make the concession less valuable in practice, and be a stickler for details. Free parking for 1 month versus 12 months is a big difference, after all.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Prepare your budget<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Make sure you aren\u2019t under budgeting or overspending. \u201cYou should be ready for increased costs after a concession ends,\u201d continues Fairweather. \u201cA waived security deposit won\u2019t matter at lease renewal time, but waived amenity fees could become an expensive ongoing expense.\u201d <\/span><a href=\"https:\/\/www.redfin.com\/guides\/budgeting-for-rent\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Adjust your budget<\/span><\/a><span style=\"font-weight: 400;\"> accordingly to improve your finances throughout your lease, and know <\/span><a href=\"https:\/\/www.redfin.com\/how-much-rent-can-i-afford\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">how much rent you can afford<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Why do property managers offer rent concessions?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Property managers might offer rent concessions for a variety of reasons. More often, they\u2019re used to <\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-to-rent-a-house\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">attract new tenants<\/span><\/a><span style=\"font-weight: 400;\"> 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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, &#8220;Some places restrict rent increases (<\/span><a href=\"https:\/\/www.redfin.com\/blog\/what-is-rent-control\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">rent control<\/span><\/a><span style=\"font-weight: 400;\">),\u201d Fairweather points out. \u201cBut landlords can still factor in an <\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-much-should-rent-increase-per-year\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">effective rent increase<\/span><\/a><span style=\"font-weight: 400;\"> by offering a concession for just one year, like free parking or a few months of free rent, while still raising the base rent.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this case, while the tenant\u2019s overall payments during the lease remain the same, the official rent listed in the lease will be higher. If the tenant then decides to <\/span><a href=\"https:\/\/www.redfin.com\/blog\/renewing-an-apartment-lease\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">renew their lease<\/span><\/a><span style=\"font-weight: 400;\">, their monthly payments might rise substantially, unless they negotiate for additional concessions.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Why are concessions so common right now?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">New apartments are <\/span><a href=\"https:\/\/www.redfin.com\/news\/new-rentals-absorption-q2\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">filling more slowly<\/span><\/a><span style=\"font-weight: 400;\"> (<\/span><a href=\"https:\/\/www.redfin.com\/definition\/absorption-rate\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">absorption rate<\/span><\/a><span style=\"font-weight: 400;\">) than in the past two years due to an imbalance of supply and demand. Many landlords are responding by offering concessions to stir up interest. This trend is largely due to the <\/span><a href=\"https:\/\/www.redfin.com\/news\/america-building-fewer-apartments-2024\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">surge in construction<\/span><\/a><span style=\"font-weight: 400;\"> that occurred during the pandemic, which has led to an <\/span><a href=\"https:\/\/www.redfin.com\/news\/apartments-rented-slowest-pace-since-2020\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">oversupply of inventory<\/span><\/a><span style=\"font-weight: 400;\"> today.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, as new apartments keep entering the market and supply outweighs demand, rents have flattened or even <\/span><a href=\"https:\/\/www.redfin.com\/news\/new-construction-rents-q2\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">begun falling<\/span><\/a><span style=\"font-weight: 400;\"> in some places. \u201cWhen rents fall or hold steady, concessions become more common,\u201d adds Fairweather.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In Sun Belt cities like Tampa and Austin, <\/span><a href=\"https:\/\/www.redfin.com\/news\/rental-tracker-august-2024\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">supply far outweighs demand<\/span><\/a><span style=\"font-weight: 400;\">, so a greater percentage of landlords are offering concessions. Nationwide, one-third of property managers offered concessions in mid-2024.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Concessions can also improve the long-term rental market by helping property managers entice new tenants in times of low demand. \u201cThey\u2019re a way of breathing life back into their own market, in a sense,\u201d she notes.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How to find concessions on an online rental listing<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Finding incentives and concessions on an online marketplace is easy. Most will indicate that a listing is a good value or offers incentives.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On <\/span><a href=\"https:\/\/www.redfin.com\/rentals\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Redfin<\/span><\/a><span style=\"font-weight: 400;\">, for example, any listing that offers incentives will have the \u201cDeal\u201d watermark on the photo.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><img decoding=\"async\" class=\"alignnone size-full wp-image-96874\" style=\"font-weight: inherit;\" src=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-10-110646.jpg\" alt=\"rent-concessions\" width=\"408\" height=\"57\" srcset=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-10-110646.jpg 408w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-10-110646-300x42.jpg 300w\" sizes=\"(max-width: 408px) 100vw, 408px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">When you click on the listing, you can find a more thorough description of what they\u2019re offering.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-96876\" src=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-10-110614.jpg\" alt=\"rent-concessions-3\" width=\"619\" height=\"154\" srcset=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-10-110614.jpg 619w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-10-110614-300x75.jpg 300w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-10-110614-600x149.jpg 600w\" sizes=\"(max-width: 619px) 100vw, 619px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">You can also filter to only show listings with deals or promotions<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-96875\" src=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-10-110631.jpg\" alt=\"rent-concessions-2\" width=\"607\" height=\"124\" srcset=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-10-110631.jpg 607w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-10-110631-300x61.jpg 300w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-10-110631-600x123.jpg 600w\" sizes=\"(max-width: 607px) 100vw, 607px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">When in doubt, call the property manager or landlord to clarify what incentives they\u2019re offering. Their phone number should be on the listing.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As rents waiver amid a surge of new construction, more property managers are offering concessions to attract tenants. But what is a rent concession? How do renters ask for one? Learn questions to ask, how to find the best apartment deals, warning signs, and more from our Chief Economist. <\/p>\n","protected":false},"author":559,"featured_media":81866,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[10756,34343],"tags":[34458,34683],"coauthors":[34342],"class_list":["post-96872","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured-post","category-renting-a-home","tag-apartment-faqs-and-tips","tag-landlord"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v28.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ask Our Chief Economist: What Is a Rent Concession? | Redfin<\/title>\n<meta name=\"description\" content=\"What is a rent concession? How do you ask for one? Learn questions to ask, warning signs, and more from our Chief Economist.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/blog\/rent-concession\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Is a Rent Concession? Our Chief Economist Reveals How to Ask, Negotiate, and Save on Your Next Apartment\" \/>\n<meta property=\"og:description\" content=\"What is a rent concession? How do you ask for one? Learn questions to ask, warning signs, and more from our Chief Economist.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/blog\/rent-concession\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin | Real Estate Tips for Home Buying, Selling &amp; More\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-10T18:13:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-18T18:44:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/03\/Touring-apartment-GI.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jamie Forbes\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@redfin\" \/>\n<meta name=\"twitter:site\" content=\"@redfin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jamie Forbes\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/rent-concession\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/rent-concession\\\/\"},\"author\":{\"name\":\"Jamie Forbes\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#\\\/schema\\\/person\\\/3603a267f733523fe5d675a16cf38715\"},\"headline\":\"What Is a Rent Concession? Our Chief Economist Reveals How to Ask, Negotiate, and Save on Your Next Apartment\",\"datePublished\":\"2024-10-10T18:13:51+00:00\",\"dateModified\":\"2024-10-18T18:44:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/rent-concession\\\/\"},\"wordCount\":1453,\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/rent-concession\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/blog\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/Touring-apartment-GI.jpg\",\"keywords\":[\"apartment faqs and tips\",\"landlord\"],\"articleSection\":[\"Featured Post\",\"Renting a Home\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/rent-concession\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com/blog\\\/rent-concession\\\/\",\"name\":\"Ask Our Chief Economist: What Is a Rent Concession? | Redfin\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/rent-concession\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/rent-concession\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/blog\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/Touring-apartment-GI.jpg\",\"datePublished\":\"2024-10-10T18:13:51+00:00\",\"dateModified\":\"2024-10-18T18:44:28+00:00\",\"description\":\"What is a rent concession? How do you ask for one? Learn questions to ask, warning signs, and more from our Chief Economist.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/rent-concession\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.redfin.com/blog\\\/rent-concession\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/rent-concession\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.redfin.com/blog\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/Touring-apartment-GI.jpg\",\"contentUrl\":\"https:\\\/\\\/www.redfin.com/blog\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/Touring-apartment-GI.jpg\",\"width\":1200,\"height\":800,\"caption\":\"Touring apartment\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/rent-concession\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.redfin.com/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"What Is a Rent Concession? Our Chief Economist Reveals How to Ask, Negotiate, and Save on Your Next Apartment\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.redfin.com/blog\\\/\",\"name\":\"Redfin | Real Estate Tips for Home Buying, Selling &amp; More\",\"description\":\"Real estate on Wall Street, Main Street and your street.\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.redfin.com/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#organization\",\"name\":\"Redfin\",\"url\":\"https:\\\/\\\/www.redfin.com/blog\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com/blog\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/Redfin-logo-512x512-1.jpg\",\"contentUrl\":\"https:\\\/\\\/www.redfin.com/blog\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/Redfin-logo-512x512-1.jpg\",\"width\":512,\"height\":512,\"caption\":\"Redfin\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/redfin\",\"https:\\\/\\\/x.com\\\/redfin\",\"https:\\\/\\\/www.instagram.com\\\/redfinrealestate\\\/\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/redfin\",\"https:\\\/\\\/www.pinterest.com\\\/redfin\\\/\",\"https:\\\/\\\/www.youtube.com\\\/channel\\\/UCMIuo1QSGcmWnevT9jdC_Ow\",\"https:\\\/\\\/en.wikipedia.org\\\/wiki\\\/Redfin\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#\\\/schema\\\/person\\\/3603a267f733523fe5d675a16cf38715\",\"name\":\"Jamie Forbes\",\"description\":\"Jamie has spent 4+ years with Redfin writing about housing affordability, livability, social issues, and the climate. He was born and raised in Seattle, where he currently lives with his wife and two pets. His dream home is a small, self-built, modern house in the forest where he can hear the wind blowing at night.\",\"url\":\"https:\\\/\\\/www.redfin.com/blog\\\/author\\\/jamie-forbesredfin-com\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Ask Our Chief Economist: What Is a Rent Concession? | Redfin","description":"What is a rent concession? How do you ask for one? Learn questions to ask, warning signs, and more from our Chief Economist.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.redfin.com\/blog\/rent-concession\/","og_locale":"en_US","og_type":"article","og_title":"What Is a Rent Concession? Our Chief Economist Reveals How to Ask, Negotiate, and Save on Your Next Apartment","og_description":"What is a rent concession? How do you ask for one? Learn questions to ask, warning signs, and more from our Chief Economist.","og_url":"https:\/\/www.redfin.com\/blog\/rent-concession\/","og_site_name":"Redfin | Real Estate Tips for Home Buying, Selling &amp; More","article_publisher":"https:\/\/www.facebook.com\/redfin","article_published_time":"2024-10-10T18:13:51+00:00","article_modified_time":"2024-10-18T18:44:28+00:00","og_image":[{"width":1200,"height":800,"url":"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/03\/Touring-apartment-GI.jpg","type":"image\/jpeg"}],"author":"Jamie Forbes","twitter_card":"summary_large_image","twitter_creator":"@redfin","twitter_site":"@redfin","twitter_misc":{"Written by":"Jamie Forbes","Est. reading time":"8 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.redfin.com\/blog\/rent-concession\/#article","isPartOf":{"@id":"https:\/\/www.redfin.com\/blog\/rent-concession\/"},"author":{"name":"Jamie Forbes","@id":"https:\/\/www.redfin.com\/blog\/#\/schema\/person\/3603a267f733523fe5d675a16cf38715"},"headline":"What Is a Rent Concession? Our Chief Economist Reveals How to Ask, Negotiate, and Save on Your Next Apartment","datePublished":"2024-10-10T18:13:51+00:00","dateModified":"2024-10-18T18:44:28+00:00","mainEntityOfPage":{"@id":"https:\/\/www.redfin.com\/blog\/rent-concession\/"},"wordCount":1453,"publisher":{"@id":"https:\/\/www.redfin.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.redfin.com\/blog\/rent-concession\/#primaryimage"},"thumbnailUrl":"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/03\/Touring-apartment-GI.jpg","keywords":["apartment faqs and tips","landlord"],"articleSection":["Featured Post","Renting a Home"],"inLanguage":"en-US","copyrightYear":"2024","copyrightHolder":{"@id":"https:\/\/www.redfin.com\/blog\/#organization"}},{"@type":"WebPage","@id":"https:\/\/www.redfin.com\/blog\/rent-concession\/","url":"https:\/\/www.redfin.com\/blog\/rent-concession\/","name":"Ask Our Chief Economist: What Is a Rent Concession? | Redfin","isPartOf":{"@id":"https:\/\/www.redfin.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.redfin.com\/blog\/rent-concession\/#primaryimage"},"image":{"@id":"https:\/\/www.redfin.com\/blog\/rent-concession\/#primaryimage"},"thumbnailUrl":"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/03\/Touring-apartment-GI.jpg","datePublished":"2024-10-10T18:13:51+00:00","dateModified":"2024-10-18T18:44:28+00:00","description":"What is a rent concession? How do you ask for one? Learn questions to ask, warning signs, and more from our Chief Economist.","breadcrumb":{"@id":"https:\/\/www.redfin.com\/blog\/rent-concession\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.redfin.com\/blog\/rent-concession\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.redfin.com\/blog\/rent-concession\/#primaryimage","url":"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/03\/Touring-apartment-GI.jpg","contentUrl":"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/03\/Touring-apartment-GI.jpg","width":1200,"height":800,"caption":"Touring apartment"},{"@type":"BreadcrumbList","@id":"https:\/\/www.redfin.com\/blog\/rent-concession\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.redfin.com\/blog\/"},{"@type":"ListItem","position":2,"name":"What Is a Rent Concession? Our Chief Economist Reveals How to Ask, Negotiate, and Save on Your Next Apartment"}]},{"@type":"WebSite","@id":"https:\/\/www.redfin.com\/blog\/#website","url":"https:\/\/www.redfin.com\/blog\/","name":"Redfin | Real Estate Tips for Home Buying, Selling &amp; More","description":"Real estate on Wall Street, Main Street and your street.","publisher":{"@id":"https:\/\/www.redfin.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.redfin.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.redfin.com\/blog\/#organization","name":"Redfin","url":"https:\/\/www.redfin.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.redfin.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2020\/03\/Redfin-logo-512x512-1.jpg","contentUrl":"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2020\/03\/Redfin-logo-512x512-1.jpg","width":512,"height":512,"caption":"Redfin"},"image":{"@id":"https:\/\/www.redfin.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/redfin","https:\/\/x.com\/redfin","https:\/\/www.instagram.com\/redfinrealestate\/","https:\/\/www.linkedin.com\/company\/redfin","https:\/\/www.pinterest.com\/redfin\/","https:\/\/www.youtube.com\/channel\/UCMIuo1QSGcmWnevT9jdC_Ow","https:\/\/en.wikipedia.org\/wiki\/Redfin"]},{"@type":"Person","@id":"https:\/\/www.redfin.com\/blog\/#\/schema\/person\/3603a267f733523fe5d675a16cf38715","name":"Jamie Forbes","description":"Jamie has spent 4+ years with Redfin writing about housing affordability, livability, social issues, and the climate. He was born and raised in Seattle, where he currently lives with his wife and two pets. His dream home is a small, self-built, modern house in the forest where he can hear the wind blowing at night.","url":"https:\/\/www.redfin.com\/blog\/author\/jamie-forbesredfin-com\/"}]}},"_links":{"self":[{"href":"https:\/\/www.redfin.com\/blog\/wp-json\/wp\/v2\/posts\/96872","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.redfin.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.redfin.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/blog\/wp-json\/wp\/v2\/users\/559"}],"replies":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/blog\/wp-json\/wp\/v2\/comments?post=96872"}],"version-history":[{"count":0,"href":"https:\/\/www.redfin.com\/blog\/wp-json\/wp\/v2\/posts\/96872\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/blog\/wp-json\/wp\/v2\/media\/81866"}],"wp:attachment":[{"href":"https:\/\/www.redfin.com\/blog\/wp-json\/wp\/v2\/media?parent=96872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.redfin.com\/blog\/wp-json\/wp\/v2\/categories?post=96872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.redfin.com\/blog\/wp-json\/wp\/v2\/tags?post=96872"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.redfin.com\/blog\/wp-json\/wp\/v2\/coauthors?post=96872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}