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What is an example of a concession?

concession noun (SOMETHING ALLOWED) Both sides involved in the conflict made some concessions in yesterdays talks. He stated firmly that no concessions will be made to the terrorists. the act of admitting defeat: The former presidents concession came even before all the votes had been counted.

What does addendum mean on a lease?

Lease addendums are used to provide additional information that the original lease does not cover. In other words, a lease addendum allows you to add an additional document to or adjust the terms of your existing rental agreement.

What does concession mean in rent?

A rental concession is an agreement to reduce the price of rent or fees as an incentive for residents to sign or renew leases. Examples of rent concessions include a free month of rent, prorated rent, reduced security deposits, and free amenities.

When would a tenant most likely get a concession?

When would a tenant most likely get a concession? During extended vacancy periods. When the rental market is competitive. During the rental offseason. When the economy takes a dip. As an incentive for existing tenants to renew an existing lease.

What does concession addendum mean?

A Rent Concession Addendum is a legal document designed to address specific adjustments in rent payments within the landlord-tenant relationship. This agreement becomes relevant when circumstances, such as unexpected financial challenges, arise and necessitate a temporary modification of the rent terms.

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