Funnily enough I just dropped my rent significantly in order to keep them. While it certainly hurt my cashflow, the potential cost of having to advertise for new tenants which could take months outweighed the cost of dropping the rent. In real estate I feel like it is always a constant balancing act between keeping enough liquidity to stay above board until the market turns.
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I've had this discussion with some other investors before. It seems crazy to most to drop rent, but if the times call for it and the math makes sense compared to cost of turnover and screening its a good move.