A rental concession is a modification a landlord or property manager makes to the terms of a rental agreement. Rental concessions are generally made to make an apartment more appealing to potential tenants.
1. Potential tenants can negotiate rental concessions
If you’re a renter looking for a rental property, you can always ask a potential landlord if they’re willing to make concessions. Especially if the landlord is having a hard time finding a tenant, you can suggest a few concessions that the landlord might agree with if they want you to sign the lease.
2. Rental concessions are made before the lease is signed
Any rental concessions need to be made before the lease is signed, as they’ll be specified within the lease agreement. It’s much more difficult to make modifications after you’ve already signed a lease as it’s a legally binding contract and the landlord isn’t required to make changes once it’s been signed. If concessions are made before signing and are specified in the contract, then the landlord will be legally compelled to comply with them.
3. Rental concessions are made at the discretion of the landlord
A landlord doesn’t have to make concessions, even if they’re having a hard time finding a tenant. As a searching renter, you may propose concessions, but landlords don’t need to accept them.
When in doubt, ask
If you’re not sure whether or not a landlord will accept rental concessions, there’s nothing wrong with asking. They aren’t required to make concessions, so they may turn down your offer. But, you never know — they could accept them! Just don’t ask for unreasonable or over-the-top concessions to be made or the chances of them being accepted are much lower.