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Updated over 4 years ago,
Rental Reduction Requests: CALIFORNIA
One of my market rate units has asked for a -15% monthly reduction. The press out there has been brutal about how much vacancy and drops in rent, which include a lot of new developments downtown that were super high and skewing the median. Property manager says he's seeing these requests daily and I've already had one ask a few months ago for a different property.
What are BP folks doing? Are you guys making some concessions now? Are they temporary or are you locking them in for a year and raising them up again when market rebounds? We are in a strong rent control market. Any advice or stories shared appreciated.