What to expect of rental market this summer? (COVID19 Impact?)
So what is the general consensus for what's going to happen to those looking to sign or renew leases for housing this summer? Curious to hear what everyone's thoughts are on given that most guys like Greystar aren't looking to cut deals with potential and current tenants and are pricing leases under typical demand assumptions. I suspect they're betting on a near term market recovery and the fact that current tenants don't want to put in the effort to move right now (although this contradicts not offering deals to new tenants).
Seems to me general job instability along with less grads coming into the job market this Summer / Fall will lead to more vacancies among rental properties especially in high COL cities. This affects a few demographics. I don't see the typical influx of summer interns happening anymore given talks of virtual internships / internships being cancelled, don't see employees looking to relocate given job uncertainty, and I don't see as many new grads 1) moving to cities like NYC / SF / LA given that having your offer rescinded is becoming a reality and 2) less people will be looking to live in high-end luxury building going into a recession. Just my two cents.
Assuming we go continue to be in a quarantine state for the rest of the summer, how do foresee rental markets adjusting for less demand in residential apartment / home rentals? Will landlords / developers lower rents, offer concessions, or continue to price leases normally? How screwed are landlords?