In New York City’s competitive rental market, a rent concession can be a strategic benefit for both landlords and tenants. A rent concession typically refers to a temporary reduction or waiver of rent, often used to attract tenants in a slow market or incentivize lease renewals. Common examples include a free month of rent, a reduced security deposit, or discounted rent for a set period. While rent concessions can be appealing, tenants must understand the fine print. These concessions are usually tied to the lease terms, and missing payments or ending the lease early may trigger repayment clauses. This is why reviewing the agreement carefully or better yet, having a legal professional evaluate it is crucial.