A rent concession is typically an agreement in which a landlord offers temporary financial relief such as reduced rent, free rent for a few months, or waived fees to attract or retain tenants. While this may seem straightforward, it's crucial that such concessions are clearly documented in the lease agreement to avoid future disputes. For tenants, a rent concession can provide breathing room during financially difficult times. For landlords, it can be a strategic move to reduce vacancy rates or incentivize long-term leases. However, both parties must understand the legal framework surrounding these agreements in New York.