A Rent Concession is a temporary financial incentive offered by landlords to attract or retain tenants, such as free rent periods or reduced monthly payments. It helps lower upfront housing costs while keeping the official rent amount unchanged in the lease. Understanding how rent concessions work is important because they can affect future rent calculations and renewal terms. Tenants and landlords should clearly document all concession terms to avoid misunderstandings and ensure the agreement remains legally enforceable and transparent.