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A Rent Concession is a negotiated agreement that allows tenants to receive temporary financial relief, such as reduced rent or free months, without permanently changing the lease terms. Rent concessions are commonly used in New York City during market shifts, lease renewals, or building repairs. When documented correctly, they benefit both tenants and landlords by preserving tenancy while easing short-term financial pressure. Understanding how rent concession agreements work ensures transparency, prevents future disputes, and protects the rights and expectations of all parties involved.
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