Rent renewal at decreased rate?

[James Kim]

Hello,

I'm wondering if anyone has been in a situation where your current rent on a sfh is such that when you rented in last year (or prior year for those that experienced this a while ago) the rent was the average for similar homes, but currently (as the lease is coming up for renewal) the average has actually gone down. Did you offer a reduced rent to the tenant for renewal? Offer the same?

I would prefer to keep the tenant than to find new tenants so weighing what is the better option and what others have experienced.

Thank you in advance!

James