Tenants want a rent reduction

[Sinead MacFhionnlaoich]

My tenants have rented the property for 2.5 years and have always been good tenants. I rent the property about at market rent, i don’t include certain utilities in the rent cost (water, electric, gas), i have laundry units and have no pet restrictions. My tenants recently messaged me and asked for a $250 reduction in rent per month and to not be charged for utilities (about $200 a month). I live in an area where rents have been steadily increasing and I know with inflation everyone is struggling these days. 

I don’t want to lose my tenants but a $450 a month reduction is going to really impact my ability to upkeep the property. I’m considering offering a $200 a month reduction but obviously I’d rather keep it as it is. 

I would really appreciate any advice; I’ve never been in a situation like this before. 

[Bruce Woodruff]

Basically no. But try this - tell them you are considering it, but first you are going to put it up for rent on a few sites and see if you get any takers. See what their reaction is.

Generally the tenant is always wrong...they have zero skin in the game and are only thinking of what makes their lives better, they could care less about your operating expenses (if they even know what that means).