Residential rents are starting to decline as the coronavirus pandemic slows the economy and renters in downtown areas start to buy single-family homes in the suburbs, according to developers and analysts.
Rents are gradually declining, suggesting that tenants are looking elsewhere for room to work at home and stay healthy.
In 30 South Florida cities, the rent for 62% of one-bedroom units are either flat or declining, according to Zumper, a national apartment search firm. The percentage increases to 69% for two-bedroom prices.
31,630 new cases of #COVID19 reported yesterday in the US. The pandemic is reaching daily records of new cases in places like Texas, Florida, Arizona, and South Carolina. And certain people refuse to wear masks. pic.twitter.com/vfPPy2sezr
— J. P. Gownder (@jgownder) June 20, 2020
The 5 states with the highest slope of case increasing, per million population, June 20th
1. Arizona (way out in front)
2. South Carolina
5. Oklahoma (pre-rally) pic.twitter.com/M1PsBgmhJb
— Eric Topol (@EricTopol) June 20, 2020