Would you decrease monthly rent in order to keep a great tenant?

[Cassidy Burns]

Good Morning BP,

I have a wonderful tenant who has been with me for 8 months now and just reached out to me yesterday that she has to move May 1 as the rent is a littler higher than she would like to be paying ($625 + 2x$25/pet Fee= $675 total)

The particular unit was a BRRR and has had a lot of very nice updates, I have refinanced, pulled all of my initial investment out, and is now INF% Cash on Cash and still has 30% Equity and is cash flowing $200/month after all PITI, expenses, cap expenditures, property management, etc.

The Question is, do I offer to reduce the rent to maybe $625/month in order to keep the tenant for a longer term lease?

Would love to hear your thoughts.