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'rent reduction' is correct and usable in written English.
You can use it to refer to an amount of money that has been taken off the usual rental payment for a particular period of time. For example: The landlord agreed to a rent reduction of five percent for the month of May.
Exact(60)
They requested a rent reduction.
Am I entitled to a rent reduction?
"We give something in exchange for rent reduction.
A rent reduction simply wasn't the best way forward".
St. Mark's Bookshop won their desired rent reduction, and is throwing a party to celebrate.
Can the landlord do this without giving a rent reduction or other compensation?... George Fenmore, Manhattan.
Market-rate tenants are not entitled to that state-ordered rent reduction.
You can certainly ask for an immediate rent reduction, citing the tough economic conditions you face.
How do I know if my apartment is eligible for a rent reduction?
He said: "Our landlord has realised that without a rent reduction we would really struggle.
Our landlord will either grant us a rent reduction, or we will have to close shop".
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com