What do you do if your tenants ask for a shorter lease?

[Maria G.]

Hello,

Six weeks before renewal time, I told my tenants that I would help this year by not raising the rent because of covid. Far from being happy, they asked then whether I could lower the rent because "some units in the complex are running for 10% less." I told them that I wasn't sure about those units but that all my costs had gone up. So if it really helped them, I could write off $50 a month. They didn't write for 2 weeks and then said they wanted to meet with me in person and "finalize this." When I met them, they told me that they had been trying to buy a house but that the market was crazy and that they knew they needed to stay but wondered whether they could get a shorter term, like 6 months. In my area, there is not much movement after schools start (August), so I do not want to do that. Then they asked again about a lower rent mentioning the units they claim to have been rented out for less. I told them I would think about this and get back to them. They are good tenants and I want to keep them. I am thinking of offering a slight discount for 12-months or the $50 off for 11 months, but less than 11 months on the lease would not be a good idea. Any suggestions that have worked for you in the past?

Thank you.