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The $120/mth difference between the two of you will be $1,440 less for you over the course of a yearly lease. What's the difference between that and a month vacancy? Plus, now that winter's over, it'll be much easier to find a new tenant. Depends on unit. How competitive is the unit? When was the kitchen last renovated? Does it have replacement/new windows? If you lower the rent $100 for him, how will that compare to market? It's fine for a good long-term tenant (even goodish, better the not-quite-devil you know), to be $100 below market but necessarily for $220 below market. Especially when they're blackmailing you. Not knowing these factors, I wouldn't concede to his demand. When tenants start thinking they have the upper hand, they start getting difficult. What about lowering $100 and doing something to the apartment? New stove, ceiling fans, shampoo the wall-to-wall carpet (because you own it and it gets you into the apartment easily to check it out). Any such thing will be deductible to you and keep the unit competitive. And it'll be one less thing for you to do when he does go.
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