There used to be a time when I rented out property cheap to beat the competition. Nowadays this is no longer the case, I would rather rent out the property at or above market price. The thinking then was if I rented the place out cheap people be calling me first rather than the competitor.
One of the observations seen was that tenants who are searching for cheap rent are also really cheap and problematic tenants. 9 out of 10 are not able to pay the rent in time, uses all sorts of delay tactics. They are generally looking for the lowest price because it's already very likely they are unable to afford the rents at the particular area, therefore when they see a bargain rent they will immediately grab. However, as most of them do not have enough cash reserves or slow business they are unable to service the rent, even if it's below market rentals.
Rather than lowering the starting rents, it's better to create rent continuity initiatives for tenants. Such initiatives can be like agreeing to no rental hike, pay for certain furniture, renovation free rental period etc. This only applies to tenants who are prompt in rental payments. Those who are not prompt or problematic, rentals have to be raised to compensate for the risk taken.
Saw this video documentary on the rental market situation in Arkansas, US. Apparently in this state, the landlord is the king, failure to pay rent on time will result in jail term and criminal prosecution. The state takes over the enforcement part. The state is providing this service partly also because they tax rental income so people lobby for the state to take part in the enforcement.