A report from Denverite in Colorado. "For the first time in a decade, rents went down in metro Denver. 'For rents to go down is unusual,' said Mark Williams, executive vice president of the Apartment Association of Metro Denver. He said other reasons for the drop include that building of new units was finally catching up with demand."

From NECN on Massachusetts. "With thousands of college students expected to remain off campus this fall due to the coronavirus pandemic, apartments in Greater Boston are losing out on renters. Without students moving into apartments as they normally would before the start of the school year, rental prices — infamously high in the area — are going down. Since March, Rent Source in Cambridge has had a harder time finding tenants for the buildings they work with in that city, as well as Somerville and Medford."

"'The market has been terrible,' said Tyler Munroe, who runs the real estate brokerage. While many in real estate had hoped the summer months would improve, it has only worsened. 'Really, the whole summer demand has been way down,' Munroe said. 'I think March and April really saw a drop off with the onset of COVID, and now landlords are really desperate.'"

The New York Post. "Manhattan apartment rents are falling for the first time since the Great Recession — and with less reason to think they’ll rebound any time soon. That signals big trouble for the entire city. Collapsing demand is behind the second-quarter drop, notes StreetEasy Market Reports: Residents, especially high-income ones, continue to flee the pandemic."

"This leaves landlords in dire straits. Property values are sinking, and the city will have to admit that sooner or later and accept a distinctly smaller tax take. Indeed, commercial rents are likely hit even harder."

From Bloomberg. "More than US$32 billion of hotel and retail real estate was newly distressed in the first half of 2020, as rent delinquencies soared and borrowers missed payments, according to RCA. Approximately US$90 billion more of commercial real estate is 'potentially troubled,' RCA reported, meaning it’s in a forbearance plan, suffering rent collection problems or early-stage delinquencies. That includes US$14.5 billion for offices and US$20 billion for apartments."

"Still, delinquent borrowers don’t face pressure to sell yet. Lenders are focused on ways to buy time, delaying distressed property from coming to market, according to Lisa Pendergast, executive director of the CRE Finance Council. 'It’s becoming clearer, especially with the resurgence in cases across the country, that a three-month forbearance is not really going to satisfy the situation,' she said. 'So there are other things that can be done. A lot of that has to do with loan modifications.'"

From Bisnow. "Concessions and vacancy in D.C.'s struggling office market have risen to all-time highs as landlords try to lure tenants without bringing down a building's base rent, but one Pennsylvania Avenue owner is pursuing a different strategy. EastBanc announced Tuesday it is reducing the triple-net rental rate at 1875 Pennsylvania Ave. NW from about $60 per SF to $29 per SF while offering no concessions and a flexible lease term."

"Average asking rents in the District last quarter were $56.62 per SF, according to Cushman & Wakefield's Q2 report. The D.C. office market had a record-high vacancy rate of 16.3% in Q2, according to the report, a metric that was already elevated before the coronavirus as new supply outpaced demand."

From Heavy on California. "On tonight’s episode of Million Dollar Listing Los Angeles, Josh Flagg faced the challenge of trying to sell the historic Casa Oceana property in Long Beach. Flagg listed Casa Oceana in August 2019 for $11.995 million. There was a price reduction in December 2019. The listing on Flagg’s website shows the price was eventually lowered to $10,995,000."

"But that was not enough and Flagg was eventually replaced as the listing agent. The price was dropped again, to $9.995 million, in January 2020, according to Redfin. The home finally sold for $7.25 million in June 2020. The final price was nearly $5 million less than the number Flagg originally tried to reach for the house."

From TMZ on California. "Britney Spears' old digs is back on the market, and anyone who still has millions of bucks can now get it for a steal. The pop singer's former Beverly Hills mansion -- where she lived after her divorce from Kevin Federline until 2012 -- is up for grabs for $6.8 million … a pretty significant reduction from $9 mil when it was put up for sale in 2018."

The Houston Chronicle in Texas. "Home foreclosures often conjure images of dilapidated tear-downs, or houses in severe need of repairs and renovation. However, the Bayou City is teeming with turn-key ready, luxury properties under foreclosure from the suburbs to the Heights. On the market now is a foreclosed property that spans 7,373 square feet. The five-bedroom home, built in 2003, is situated in the prestigious 'The Estates' section of Royal Oaks Country Club. The Mediterranean-style residence has been on the market for more than a month and has already seen a slight price cut. It's currently listed at $1.85 million."

From CBS 5 in Arizona. "The cars stretched out of the gated driveway, bodies clad in bathing suits packed the hot tub, and the sound of music and laughter reached into the neighboring properties. Some houses across the Phoenix area see these parties almost daily. 'These are pretty big parties with a lot of people,' said Ian Jeffrey, who lives in a Scottsdale neighborhood."

"Jeffrey has counted more than 20 short-term rentals in his area of the city but says two or three of them are real problems. He says neighbors have taken to videotaping the crowds and the antics, then reporting the incidents to police. But he says it rarely results in action. 'This guy had people urinating and defecating on the street, right in the view of his house. He had a video of that, and the police were not interested,' said Jeffrey."

The Molokai Dispatch in Hawaii. "Four homeowners on Molokai along with the Maui Vacation Rental Association have filed a federal lawsuit against the County of Maui for its bill banning short term rentals on the island. 'Most people on Molokai didn’t even know it was on the table to shut them down,' said Dayna Harris of Molokai Vacation Properties, one of the affected businesses. 'Some prominent business owners didn’t even know they are no longer allowed. I am still getting Molokai people wanting to book short term homes for next year and I have to tell them sorry, Molokai people don’t want them, don’t you know?'"

"Molokai resident Mahina Poepoe supported the zero cap, creating a petition to Maui County lawmakers that received nearly 900 signatures. She also pointed out that 16 of the 17 permitted homeowners do not live on Molokai, and most don’t even live in the state."