A report from the Commercial Observer. "If you thought it was bad now, well, it could get a lot worse. Scores of apartments could be empty as thousands of renters face evictions after losing their jobs and as millennials in pricey spots like New York and San Francisco flee in search of cheaper pastures. Hotels remain empty, student housing becomes vacant shells, malls shutter and no one will step in to help as lenders hit 'forbearance fatigue' and refuse to extend any more relief to owners, experts warn."

"That could spell trouble for recently built mega-project like Hudson Yards in Manhattan and the American Dream Mall in New Jersey. Retail consultant Kate Newlin had her doubts about those projects — especially the seven-story Hudson Yards mall — beforehand but said their 'reason for being' is even more unclear post-COVID-19."

"'They were a developer’s wet dream,' she said. 'They were smelling their own fumes because Related [Companies] wanted to be able to sell apartments over on the West Side. They got an out-of-town sucker like Neiman Marcus to believe it, and when you go down there it’s never been a vital retail community.'"

"In Manhattan, coworking companies lease a total of 14.7 million square feet and take 3.1 percent of its office inventory, according to a report by Savills. 'I do see some landlords that get really hurt from this,' said ESRT’s CEO Anthony Malkin — long a vocal critic of WeWork. 'But they made the decision to rent to them in the first place, which any single one that spoke to me about it I said, ‘Don’t do it … You’re leasing it to some whacko, Svengali dude.’"

"Multifamily sales, especially ones with rent-stabilized units, have already faced large decreases before the coronavirus pandemic due to the rent reforms passed by the state last year. If that isn’t changed, coupled with the impact of the coronavirus, it could spell doom for the city’s multifamily sector, Shaun Riney, a senior managing director of investments at Marcus & Millichap warned."

"'Overall, when you have a system when you can’t raise revenue and expenses go up and the government’s against you, that is not an investable sector, you’re actually going to lose money,' Riney said. 'People give up so you’re going to see what neighborhoods look like when boilers aren’t replaced and when there’s no investment into apartments. The worst-case scenario is the true bankruptcy of the neighborhoods,' he said."

The Real Deal on Florida. "Condos are trading for much lower prices in Miami-Dade County, as weekly sales volume continues to plummet due to the pandemic. A total of 56 condos sold for $16.6 million last week. That’s compared to 51 units that sold for $18 million the previous week. Condos last week sold for an average price of about $296,000 or $250 per square foot."

From Curbed San Francisco in California. "Zumper, the San Francisco–based apartment-rental site, just released its latest rent figures and, according to CEO Anthemos Georgiades, the 'price drops are unprecedented' in the seven-plus years the company has published rent reports. 'All this talk of people leaving S.F. for a future of remote work is now backed up by hard data.'"

"Georgiades isn’t being hyperbolic. Per Zumper’s report, one-bedroom rents in S.F. fell 9.2 percent year over year in May, the largest S.F. drop ever in the history of the company’s monthly reports and the lowest price point in over three years. The average price for a one-bedroom in S.F. stands at $3,360; it was at $3,700 the same time last year."

"The plummeting numbers fell even further down in Silicon Valley. In Mountain View the price for a one-bedroom home dropped 15.9 percent in consecutive years in May. Menlo Park saw a 14.1 percent tumble, while Cupertino and Palo Alto saw prices plunge 14.3 percent and 10.8 percent, respectively. Georgiades says that these rent drops may be even higher than the company’s published data, 'since some landlords conceal price drops in ‘lease specials’ like six weeks of free rent to move in.'"

"A cursory glance on Craigslist reveals major price cuts, with landlords all but begging you to sign a lease: 'Newly Reduced Rate' reads the headline for a new East Cut studio offering eight free weeks, while this contemporary SoMa loft dangles ten weeks of rent-free living to interested takers. 'I’ve never seen anybody giving that much free rent as an incentive the whole time I’ve lived here, since 2003,' Bay Area property manager and landlord Carlos Carbajal tells KQED."

From Livable on California. "Median rent prices across Los Angeles continued their downward slide in May, making it the third month in a row that one- and two-bedroom rents have declined on a year-to-date basis. The city ranked as the seventh priciest rental market nationwide, according to Zumper. One-bedroom rent dropped 1.4 percent from April to May and 3.6 percent over the same period a year ago to a median price of $2,170. Two-bedroom apartment rent experienced a more modest decline, falling 0.7 percent month-over-month and 1.7 percent year-over-year to $2,980."

"One-bedroom rent in San Diego decreased 0.6 percent month-over-month. Two-bedrooms saw more pronounced declines, falling 2.1 percent between April and May and 1.3 percent over 2019 levels. 'As more and more companies move into remote work, many renters don’t want to pay the big city price tag when they are unable to use the amenities and are looking for more affordable options outside of large, metropolitan areas,' wrote the report’s author, Crystal Chen."

"This, combined with a record-shattering unemployment rate of 15.5 percent in April, could slow the demand in California’s urban rental markets even further, causing landlords to cut their prices or offer incentives to attract new tenants."

The Edwardsville Intelligencer in Illinois. "As a landlord, Lewis Simpson understands that many people have lost their jobs during the COVID-19 pandemic and may have trouble paying their rent. But Simpson believes that some tenants – those that can afford to pay rent – are taking advantage of the situation, especially after Gov. J.B. Pritzker extended a temporary ban on evictions as Illinois entered Phase 3 of the Restore Illinois plan."

"'There has been a big push, which started out of Seattle, that people basically want free rent,' said Simpson, who has rental properties in Granite City. 'In Illinois, there was a push to have rent forgiveness until this COVID thing is over. But (rental properties) are my 401k and getting rent from people is how I pay for my retirement. We have a problem with people who have never been unemployed through this. They are essential workers and they are getting stimulus money and they’re not paying a dime. We can’t evict them because the governor has imposed an eviction ban. Not only do I not have money coming in (from people who refuse to pay their rent), I’ve got to dip into my little retirement fund and pay these bills because these people aren’t paying rent.'"

"'I can see if they halted evictions on people that had legitimate financial hardships due to COVID-19, but for people who have not been laid off, there is absolutely no excuse for them to not pay their rent,' said county treasurer Chris Slusser. 'A lot of these landlords might own 30 properties and that’s their only source of income, and some of them have told me that they are facing bankruptcy. If landlords are not able to pay their mortgages, the banks are going to suffer as well.'"

"Another landlord that has experienced similar issues is Julia Uhring. 'I have one tenant that is avoiding me,' Uhring said. 'I left her numerous messages and I know she got them because I left a note across the keyhole on her door. She has not done anything to communicate with me. She owes me a portion of the rent for April plus all of May and she hasn’t paid for June. Every time I go by there, she has gone to work, or she is not at home. I left her a note and told her I was going to go into her house and gave a 48-hour notice.'"

"Like Simpson, Uhring is retired and invested in rental properties to supplement her retirement income. She also feels that the state has failed to recognize the financial concerns of landlords during the pandemic. 'There are no consequences (for people refusing to pay rent) and we’re not getting any compensation (from the state),' Uhring said. 'This is basically our business. I was a stay-at-home mom for 25 years and I don’t have much money for retirement.'"

The Oregonian. "Matt and Darci Haney have been out on a financial limb before. In 2007, when the housing boom crashed and the economy followed, they pulled a house in Carlton they couldn’t sell off the market and, catering to consumer wants, opened it as a short-term rental. Soon, weekends were booked by people wanting to spend a little time in Oregon’s wine country."

"After hard work and success, the Haneys sold a home in 2018 and, navigating another time out on a financial limb, bought Westerlook Farm, a 47-acre estate, at the north fork of the Yamhill River in Carlton. The Haneys’ idea: To live with their two daughters in the main house and create a vacation getaway in the 3,000-square-foot, remodeled guest house. The rental rate: Around $536 a night."

"Then the coronavirus pandemic hit and stay-at-home orders were issued in March. The Haneys watched as all but one of their reservations, which stretched into fall, were canceled. Instead of dashing their hopes and emptying their bank account, they came up with a Plan B. They would charge a lower daily rate for longer stays. Guests responded and booked for three weeks or longer."

"'Having someone in there is better than letting it sit empty and what a great, private space to stay during a time of transition, especially for someone selling or buying a house,' says Darci Haney, who offers long-staying guests 10% off for a week and 30% off for a month."

"Across the country, people who purchased a property with the idea that temporary renters would help pay the mortgage have been hurting since travel suddenly stopped in March. A new survey by IPX 1031 found that part-time and full-time Airbnb hosts have dropped their daily rates as much as $90 on average and 45% of hosts say they won’t be able to sustain operating costs if travel restrictions and tourist disinterest last six more months. 'We’re so glad we don’t have two lodging places,' says Darci Haney."