Quote from @Chris Renzi: Hi BP - I have tenants asking for a $500 rent reduction for one month due to maintenance issues since they moved in, in September.

It's like asking whether you can lose weight if you don't exercise.

The average rate on a 30-year mortgage slipped slightly to 6.76% from 6.85% last week, according to mortgage buyer Freddie Mac.The number of homes actively for sale grew 27.5% compared to last year, the 16th straight month of growth.Newly-listed homes increased 4.2% year-over-year.The median price of homes for sale in February fell 0.8% to $412,000.Realtor.com also reports a growing number of listings with price reductions, with 16.8% of sellers cutting prices in the month of February.How long before we hit equilibrium? 

Now, the next day on 2/25/25 the tenant is requesting that we give them a 25% reduction in the rent for the month, sighting that 30% of the month they have been left without heat.

One of the factors that I look at for listed on market properties is Days on Market (DOM) and properties that have had price reductions, sometimes multiple price reductions. 

Tenants have more options, and overpriced properties are sitting vacant longer.Longer vacancies = lost rent.Less tenant interest = fewer qualified applicants.Price reductions = you likely end up earning less anyway.A Real Life ExampleAn investor recently listed a townhome at $2,200/month instead of the market rate of $2,000/month.

If not, well, a confused homeowner always says "No".𝗙𝗶𝗻𝗱 𝗠𝗼𝘁𝗶𝘃𝗮𝘁𝗲𝗱 𝗦𝗲𝗹𝗹𝗲𝗿𝘀: Look for property owners with a problem, in markets that favor buyers: increasing inventory, declining sales, price reductions, long days on the market.𝗡𝗲𝗴𝗼𝘁𝗶𝗮𝘁𝗲 𝗧𝗲𝗿𝗺𝘀: Decide the 𝘵𝘺𝘱𝘦 of lease option you are offering and craft the terms accordingly, agreeing on option to purchase price, lease duration, and monthly rent.𝗡𝗲𝗰𝗲𝘀𝘀𝗮𝗿𝘆 𝗔𝗴𝗿𝗲𝗲𝗺𝗲𝗻𝘁𝘀: Ensure your agreements are clear, legal, and protects all sides.𝗠𝗮𝗿𝗸𝗲𝘁 𝗼𝗿 𝗘𝘅𝗲𝗰𝘂𝘁𝗲: Depending upon the type of lease option and your objective, either assign the option to a buyer for a fee, or exercise it yourself when the time’s right.Lease options are a low-risk, low cost entry into real estate investing—start small, take action, then grow.

In Reno, NV I've seen new homes that are sitting have significant price reductions, free upgrades, and lower interest rates. 

The "SELL NOW" price includes a 25% reduction from appraised value that applies to minority buyouts. 4% is a rough number for T-bills.

I can't speak to the market you're looking at specifically-- However a mix, with most weight on sold and pending (if listing agent is able to share terms) and a bit of weight on active is common in balanced and buyer markets.