{"id":2985,"date":"2021-06-24T17:24:20","date_gmt":"2021-06-24T17:24:20","guid":{"rendered":"https:\/\/apartmentsourcechicago.com\/blog\/?p=2985"},"modified":"2021-06-28T15:12:53","modified_gmt":"2021-06-28T15:12:53","slug":"rent-concessions-what-are-they","status":"publish","type":"post","link":"https:\/\/apartmentsource.com\/blog\/rent-concessions-what-are-they\/","title":{"rendered":"Rent Concessions: What Are They?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">As a prospective renter in Chicago, you may have noticed a variety of promotions and special offers available to you during your apartment search recently. This is because there are more apartments available right now than there are renters looking for apartments. In order to remain competitive, landlords and property managers are offering big incentives for you to rent from them instead of their competitors. In Chicago\u2019s apartment rental industry, these are referred to as<\/span><b> rent concessions<\/b><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><b>A rent concession<\/b><span style=\"font-weight: 400;\"> is an incentive the property manager or landlord offers in order to attract and\/or retain tenants. While there are many forms of rent concessions in Chicago, the most common of which are listed below:\u00a0<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Free Month(s) of Rent &#8211; Taken as a one-time, bulk discount on a given month or month(s)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Free Month(s) of Rent &#8211; Taken as a discount in the form of prorated monthly rent (\u201c<\/span><b>Net Rent<\/b><span style=\"font-weight: 400;\">\u201d). This situation confuses many renters. The best way to think about it is that the landlord is offering you a credit equal to the free month(s) of rent, which you can distribute across the term of the lease evenly. For example, gross rent is $2400\/month with 1 month free ($2400 credit) on a 12 month lease. $2400 divided by 12 = $200 monthly credit. When taking the credit evenly throughout a 12 month lease, your NET rent will equal $2200\/month, even though your lease will read $2400.\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Waived Move-in or Admin Fees<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Waived Pet Fees<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">It is important to note that not all rent concessions are created equal, and you should determine the concession that works best for you and your situation. Remember to always review the lease terms before signing. Consult with one of our leasing experts to ensure you understand what concessions are available to you!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To find an apartment that offers the best rent concessions, give us a call at 773.404.9900.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As a prospective renter in Chicago, you may have noticed a variety of promotions and special offers available to you during your apartment search recently. This is because there are more apartments available right now than there are renters looking for apartments. In order to remain competitive, landlords and property managers are offering big incentives for you to rent from them instead of their competitors. In Chicago\u2019s apartment rental industry, these are referred to as rent concessions.\u00a0 A rent concession is an incentive the property manager or landlord offers in order to attract and\/or retain tenants. While there are many [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[144],"tags":[149,146,168,150,173,152,153,156,162,160,159,161],"class_list":["post-2985","post","type-post","status-publish","format-standard","hentry","category-chicago-rental-market","tag-chicago","tag-chicagorealestate","tag-chicagorealtors","tag-windycity","tag-apartments","tag-chicago-apartments","tag-chicagoapartments","tag-chicagolandlords","tag-chicagorentalmarket","tag-chicagorentals","tag-investingchicago","tag-rentalmarket"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Rent Concessions: What Are They? - The Apartment Source<\/title>\n<meta name=\"description\" content=\"As a prospective renter in Chicago, you may have noticed a variety of promotions and special offers available to you during your apartment search recently. This is because\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/upgrade.apartmentsource.com\/blog\/rent-concessions-what-are-they\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rent Concessions: What Are They? - The Apartment Source\" \/>\n<meta property=\"og:description\" content=\"As a prospective renter in Chicago, you may have noticed a variety of promotions and special offers available to you during your apartment search recently. 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