outerbridgelaw

In New York City's competitive rental market, landlords often offer a rent concession as an incentive to attract tenants. A rent concession typically means that the landlord agrees to reduce the rent temporarily often for a few months without altering the actual lease amount. While this may sound like a great deal, both tenants and landlords should fully understand the legal implications involved. Landlords use concessions to fill vacancies quickly while maintaining the long-term value of the property on paper. But if the lease doesn’t clarify the concession’s scope and duration, it can lead to disputes or claims of misrepresentation.