I currently work in property management. I worked on a small highrise that had a 20% vacancy rate, and they weren’t lowering prices. Their strategy seemed to be get a tenant in with an absurd lease length with a bunch of incentives and then make it so unaffordable, they couldn’t move. For instance, no first month rent, and $200 off for the next year, but people were getting water bills in the multiple hundreds for a single month for a 2 bedroom with 2 adults and 2 children.