Final answer:
Free rent amounts are influenced by property location, rental market conditions, and property features, but not a tenant's income. Price ceilings can lead to lower quality or less available rental housing due to opportunity costs.
Step-by-step explanation:
The amount of free rent offered typically depends on factors such as property location, local rental market conditions, and property condition and amenities, but not on the tenant's income level. Allocate rent concessions or incentives are often influenced by the amount of demand for rental properties in the area, which can shift due to a variety of factors, including changes in local businesses' success or population income levels leading to a higher or lower demand for housing. It is important to understand that while price ceilings can lead to more affordable housing in the short term, they can also result in landlords opting to provide lower quality housing or convert rental units to ownership units, such as co-ops and condos, as they seek to recoup their costs, leading to a potential loss of rental housing availability.