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Apartment rents are sliding in cities as landlords try to lure in young renters during COVID. During the outbreak, rental communities have been feeling the pressure to bring in new tenants and, while they haven’t suffered any major losses or declines in occupancy, some major cities are seeing “significant cuts” in “effective rents” as the pandemic persists. According to RealPace, rent in August was off 1.4%. In San Francisco, rents are down 12.7%, 11.4% in San Jose, 10.1% in New York, and landlords in Dallas are cutting rents between 1% and 3%. According to the National Multifamily Housing Council, 90% of apartment renters nationwide made their September rent payments. YPulse’s No Place Like Home report found that 34% of 19-37-year-olds who live in cities are considering or planning to move to a suburban or rural area. (The Dallas Morning News) |
