Mr Balls

Yes rents are dropping but the people that need that rent reduction the most are likely in no position to move out of their apartment and take advantage of it. It does not matter if the apartment around the corner is now 20% less because you can’t qualify to rent that apartment because no landlord wants to rent to someone who has been on unemployment for the last 5 months. The reason rents are going down in NYC and LA is because there is a substantially less amount of qualified people in the over all pool to rent to. It’s the same for interest rates, yes they are the lowest they have ever been but it is also the hardest time to qualify to get that money. Once jobs bounce back the price of rentals will shoot back up. So the only people that can actually take advantage of lower rents are people that make a lot of money and have not had any lapse in employment during this Covid crisis, funny how that works out.