@tmgrande3470. One additional clarification, as brought up by @Carl and @Rick19744: earned income is a requirement to contribute to a 401(k). The nature of your question suggests that you already had a 401(k) set up through an employer, and you wanted to make extra contributions to offset the rental income and balance the amount out. If that is the case and what you had in mind, my original answer is correct. However, if you don't have additional earned income (such as wages or self-employment), you would not be able to offset the rental income through a 401(k) deferral. (Also note: even if you have a 401(k) plan, your plan administrator may have additional restrictions that limit the amount you can contribute. One restriction could be based on a percentage of your income)
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