Tenant Wants Reduced Rent
I have a tenant that has been leasing a $2600/mo home for the past 3 years. Excellent, pays on time, takes care of property. His lease in on a month to month term. He recently lost his job and wants to stay in the home until his kids finish the school year in May. He asked if the rent can be reduced to $1300/mo or he will have to vacate because he can no longer pay bills.
At the same time, I have two single family homes for lease in the same subdivision- $2500 and $2450/mo. All are owned by the same person and have been on the market for 30 days. I will have a fourth home in the next week, also $2400/mo.
I do not think they will rent quickly, as previously it takes about 2 months minimum to find a good tenant.
Some rent better than none? Or have him leave and have 4 vacant homes?