Definition of "Rental concession"

Michael Penrod real estate agent

Written by

Michael Penrodelite badge icon

RE/MAX PREFERRED CHOICE

Reduction in the normal rental charge to attract prospective tenants or keep existing tenants at lease renewal. Discounts may be given to obtain a higher occupancy rate, make it easier of the owner to derive bank financing, induce a large retailer to relocate, or stimulate a longer term lease with the tenant. A concession may also be in the form of one extra month of rental free for every two years. The property's value is worth less because the rental income base is lower.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

The right to deviate from the use of land prescribed by an existing zoning ordinance. ...

loan that is not secured by a mortgage on a specific property. It is backed only by the borrower's credit rating. Unsecured loan are typically short term. The disadvantages of this kind of ...

People often need help understanding the difference between offeror vs offeree in real estate. A rhythm sets the stage from the first step in real estate transactions. It's the interaction ...

Same as term real estate investment trust (REIT): Type of investment company that invests money in mortgages and various types of investment in real estate, in order to earn profits for ...

A lien that makes property security for the repayment of debt. Mortgages can finance the acquisition of real estate such as a home. A mortgage has certain benefits compared to other debt ...

Under law, a warranty in effect even if not expressly stated. It provides that real property sold is warranted to be appropriate for sale and is in proper condition even if not stated, ...

Platform erected on a roof in some New England homes having a view of the sea. It was said widows of lost seaman would walk on the platform looking out at sea for their husbands to return ...

(1) In real estate, the amount of development dollars an area can profitably support. (2) Ability of a service business to render services based on human and physical resources and ...

The government under emminent domain takes Way to determine how much to pay an owner whose property before-and-after method. ...

Popular Real Estate Questions