San Francisco Rents in Free-Fall. New York Rents Swoon. Expensive Cities, College Towns, Cities in Texas, Other States Sag. But in 16 Cities, Rents

Yves here. New York City not all that long ago showed year-to-year declines in rental prices (as opposed to soft price cuts via landlord concessions) due to an apartment building boom putting a lot of new units on the market. But the Covid-19 rent reductions are another matter entirely.

Even though the outlook for New York City is particularly grim due to the loss of revenues from commuters and tourists, the idea that the “work at home” new normal will survive Covid-19 is overstated. A recent Wall Street Journal compilation of interview finding with major company CEOs found that overwhelmingly they viewed remote working a negative for their business. They saw the loss of informal interaction as a major cost, and most also believed productivity was lower. So expect to see an eventual return to offices. But will those offices be in the same major urban centers?...
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RSK: Madison is #41 on The Largest 100 rental markets with a year to year 5.8% decline and a 1,130 single bedroom price point.