Do rents ever DECREASE by more than 10%?

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For reasons outside of a major employer shutting down in town? If so, what were the circumstances? How much did rents drop by? Thanks!

[Mitch Messer]

Originally posted by @Jay Hinrichs:

Originally posted by @Greg Earnest:

@Mitch Messer Thanks for your insight. In cases where you've seen your rents go down that significantly, was there anything you did (besides dropping rent) to help mitigate this and get tenants to sign? Concessions, upgrades? 

what I see are move in specials  free months rent.. no deposit.  allow a dog or cat.. basically loosen up standards and give things away. 

Yes, I see the same.

I'm totally OK with fine-tuning the rent: The market is what it is and will always have the last word. However, I am definitely not a fan of loosening standards. It never ends well and creates a bad dynamic from Day One.