When it comes to residential (1-4 units) and small multi-family (5-10) we typically purchase distressed properties and perform a deep energy retrofit, with the result being units which operate 40 - 75% more energy efficient following the retrofit.While this does not necessarily increase the rent we can command, it has proved to decrease our turnover and vacancy - tenants stay longer and, when they leave, we often have word-of-mouth applicants before the unit becomes vacant ... just last month we had 5 inquiries and 3-applicants on a property we had yet to advertise.

 - Taxes haven't been reassessed on the property in 7 years and have only steadily increased even though the property, in its current condition, has decreased. - Insurance price was not shopped around for and hasn't been re-evaluated in 7 years. - Certain expense costs are being paid by the landlord and not passed to the tenants which is cutting into the cash flow

Latest Zillow research shows rental rates actually decreased in the Minneapolis area.

It is an education on how 10 percent increase/decrease multiply in a hurry when dealing with several units under one roof.

Don't want this to sound like a justification to be a slumlord, allowing deferred maintenance decreases equity, rates or appreciation and income and can change the quality of tenants you may draw upon.

I would decrease the rent just to retain them.  

So if you're making one room bigger and another smaller, you'll have to increase the size of the radiator in the large room and decrease the size in the smaller room. 

Not to mention, the cost to get in decreases substantially. 

Going further from the beach would increase your risk but also decrease costs.

The ferry is in a downward spiral of fare increases and decreasing ridership.