Rent concession refers to a temporary reduction or incentive offered by landlords to attract or retain tenants, often including free rent periods, discounted rent, or other financial benefits. In competitive rental markets like New York City, rent concessions can make housing more affordable while helping landlords fill vacancies quickly. These agreements are usually outlined in the lease and may include specific conditions or time limits. Understanding rent concession terms is important for both tenants and landlords to avoid misunderstandings and ensure compliance with rental agreements under applicable housing laws.