How should concessions or free-rent offers be converted into effective rent near Auburn University?

DIRECT ANSWER

Source-qualified general planning or verification guidance for Auburn University housing decisions. National mortgage rules apply only within the stated programme and do not establish university benefits, local prices, an individual loan approval or permission for a particular property. Keep the limitations and dates in the answer; use actual documents for the decision.

For your own comparison worksheet, total the scheduled base rent over the actual lease term before concessions, then subtract each documented rent concession earned in that scenario once. If your payment schedule already reflects free rent or a credit, do not subtract it again. Divide the net base-rent total by the same number of lease months. Show mandatory fees and utilities separately, and identify noncash incentives separately rather than assuming their advertised value reduces rent. Record any conditions under which a concession is lost or repaid and test that case too. This is editorial comparison arithmetic, not a Fannie Mae qualifying-income formula or evidence of typical Auburn concessions. Reconcile it to the executed lease and receipts; the lender must apply its programme's current rental-income rules. The cited Fannie Mae page supports verification of lease and payment evidence, not this worksheet or local prices.