You are considering a 7 year net lease with 1 free year. The rent will start at $13/sqft and increase by $1/sqft each year, except for year 5, in which you will receive free rent. Your discount rate...

You are considering a 7 year net lease with 1 free year. The rent will start at $13/sqft and increase by $1/sqft each year, except for year 5, in which you will receive free rent. Your discount rate is 6%. If instead you negotiate for the year of free rent to be in year 4, what will happen to your effective rent, all else remaining equal?