There's not an easy solution to this. Landlords are typically highly leveraged. If you buy a $4 million property with 5% down, you only had to put down $200,

There's not an easy solution to this. Landlords are typically highly leveraged. If you buy a $4 million property with 5% down, you only had to put down $200,000. But you told the bank that you would get $x/square foot. If you lower the rent, that implies the value of the property is less than $4 million dollars. And that probably breaks a covenant with the bank. https://www.brickunderground.com/rent/do-concessions-throw-off-the-market https://www.brickunderground.com/rent/do-concessions-throw-o... Landlords are more likely to give free months or other things so their advertised rent stays high. Having a home where you owe more than it's worth is "being underwater". If you bought it for $4 million but it's now worth $3.5 million, the bank is going to want you to come up with the missing $300,000 (in addition to your initial $200,000). They might even want more since if it dropped that far, it might keep going and be worth even less next year.