Reducing rent for tenant for a longer lease.

[Renee Z.]

Hi All, 

I'm sending out a lease renewal letter to my tenant soon. I'm considering reducing the rent in exchange for a longer lease. We have a really good tenant. The current contract is $1400/month for a one year lease

It is a one bedroom condo in DC suburbs near a metro station (only 1 stop away from DC). And $1400 a month is already considered a good deal in that area for a 1 bed. 

What do you think I should reduce the monthly rent to for a 2 year lease? 

Thanks a ton!