Setting rent in a declining market

Landlord hopes tenants don't leave seeking cheaper unit

Q: I am a landlord with a high-end rental property located in a very nice, older part of town. The rental is a 90-year-old home in good condition but without a lot of remodeling. It has 4 bedrooms, 3 1/2 baths, two fireplaces, a spectacular view, a garden and a one-car garage. A little less than a year ago I rented the property for $4,800 per month. I thought that the rent was very reasonable at the time, as I had many prospective tenants.