Both my mother and grandmother were in Real Estate before me and something that I will always take away from them if you give the tenant an inch, they will take a yard.
In this situation, does he really have any acceptable alternatives? Is he going to have to squeeze him and his kids into a 1 bedroom to get by?
I think the fact that he is a good tenant is a moot point. Doing what you are expected to do shouldn't be rewarded. I think this scenario only works because of the short timeline -- but the last thing you want is him asking for more time come May.
If he is highly likely to regain employment do you think he would be wiling to entertain signing another one year lease?
As in, OK I'll give you this reduction now but if you find new employment you sign a 1 year lease at full market and make that the stipulation.
