South Florida rents are declining as coronavirus chases tenants away from downtowns

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.

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