Tenant asking for price reduction
Last week one of my tenants reached out as their lease was coming to an end and asked for a price reduction - we ended up coming to a number that worked for both of us.
Today, another tenant called me and asked for a price reduction also - she has been in the unit over two years - and has been great. She has been unable to find full time work in her field since COVID (she is a waitress). I know rates have gone down, and believe I should come back with about a 15% reduction. My question is, is there anything we need to do to in terms of paperwork? I don't believe a new lease is required as both tenants have been there over a year.
Are any of you dealing with the same situations? Are you giving reductions to your tenants?
Thanks in advance.