"Concessions are a way of sweetening the deal for renters without reducing rent," says Fairweather. "They might include a free month of rent, waived security deposits, or waived fees like application or parking fees." Landlords generally deploy these offers to attract tenants in a competitive market and fill vacancies more rapidly. However, while these incentives can ease upfront financial burdens, they often lead to higher long-term costs upon lease renewal.
"But for landlords, too much supply often results in higher vacancy rates. When this happens, they may offer rent concessions to attract tenants and fill units faster." This indicates a strategy used by landlords to ensure their properties remain profitable without altering base rent prices, reflecting the balance they must maintain during market fluctuations.
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