A report from the San Francisco Chronicle in California. "HubHaus, a venture-backed startup in the burgeoning new field of 'dorms for grownups,' has imploded, stranding hundreds of renters and homeowners, mainly in the Bay Area. The 4-year-old Los Altos company, which had raised $13.4 million, is undergoing 'a closure and liquidation process, commencing Sept. 23, 2020,' it wrote in emails to homeowners and tenants. It’s laid off all employees, the letter said, blaming the coronavirus pandemic’s severe impact on housing."

"Many landlords who had rented their homes to HubHaus said in interviews that it had already slashed the rent it was paying them in recent months, leaving them tens of thousands of dollars in the hole. Several said they were stunned to discover that it had also stopped paying utilities months ago. (Because of the pandemic, utility companies are not cutting off service for nonpayment.)"

"In November 2019, Oakland resident Darcey O’Callaghan leased HubHaus her former residence in Washington, where the company had recently expanded. It now owes her $19,000 in back rent, she said. Ryan Hernandez rented his family’s Oakland home to HubHaus when they moved to Montreal two years ago. 'They started underpaying the rent back in May,' he said. 'It’s been touch and go since then; they owe a bit over $15,000 in rent.' On top of that, he soon discovered 'thousands of dollars in unpaid utilities' that he could be liable for. In addition, the company stopped having the house cleaned months ago."

"Clara Arroyave, who was CEO of a smaller co-living startup in Boston, shed some light on what may have happened during the pandemic. 'Similar to everyone else (who runs corporate group homes), in the middle of March, we saw 40% of our revenue disappear in a matter of five days,' she said, as renters who were now working from home left the city. The drain continued. 'By the middle of June 60% of people had left, which was not enough for us to cover obligations,' she said."

"O’Callaghan, the Oakland owner of the Washington home, plans to file in small claims court, where the damage limit is $10,000, half what she’s owed. 'I honestly don’t think I’ll see a penny, but I really wanted some sort of legal record of what they did,' she said. 'It needs to be addressed more broadly when a company goes under that has millions in venture backing from millionaires and billionaires. I don’t even have a job right now.'"

From Livable in California. "The latest report from Zumper suggests that the median rent for a one-bedroom apartment in LA totaled $2,020 in September, down 10.7 percent since March and 11 percent year-over-year. This represents a savings of about $228 per month — a not-insignificant chunk of change. Median two-bedroom rents have tumbled at a similar rate, declining 7.8 percent compared to March and 11.1 percent over the same period last year."

"San Francisco recorded a whopping 20.3 percent annual price drop for one-bedroom apartments in September. 'Not only is this drop among the largest yearly decreases Zumper has ever recorded in our history of tracking rental prices, but it was also the first time the median 1-bed price in San Francisco was priced below $3,000,' wrote Neil Gerstein, a Zumper data analyst."

The Midland Reporter Telegram in Texas. "Rents in Midland during the month of September were down 20.7 percent since the start of the pandemic in March and down 29.5 percent year over year, according apartmentlist, which shared information this week with the Reporter-Telegram about average rents in Midland that dropped for the 16th straight month and that have renters paying as little as $746 for the average one-bedroom and $912 for the average two-bedroom apartment."

"'West Texas has provided some of the wildest rent swings in the country,' wrote Rob Warnock in an email to the Reporter-Telegram. 'And the boom-and-bust cycle of Midland's economy is mirrored in its rental market. Per our data, rents rose quickly from 2017 to mid-2018, remained high for about a year, and then have dropped precipitously since mid-2019. The median two-bedroom apartment in Midland rented for as much as $1,403 in July 2018 and now goes for just $912. One-bedrooms are down to $746 after peaking at $1,149 in 2018.'"

From Forbes. "If you are in the rental market and able to wait a few months to move the rental landscape may offer the potential to secure a good deal. Brian Carberrry, managing director at Apartment Guide has advice to buyers. 'You may be working remotely and now can look in areas you would not have before. Be willing to ask for incentives and don’t be afraid to negotiate. You can ask for anything from free parking and utilities to flexibility on lease terms. The worse thing that can happen is the owner will say no. As the renter, you now have the power.'"

The Idaho Statesman. "Boise developer Greg Ferney envisioned an apartment complex at the site of a former health club near the Boise State University campus. His Storage Development company drew up plans for a four-story, triangular-shaped building with 125 apartments at 1250 S. Division Ave. Ferney modified his design to appease neighbors and won approval from the City of Boise. Now he’s looking to sell the property and the development rights. But Ferney isn’t saying why."

"The offering lists a sale price of $4.5 million for the 2.9 acres of land and development rights. That equates to $36,000 per apartment, according to the listing. Offers are due by 5 p.m. on Sunday, Oct. 4."

From Real Estate Weekly on New York. "Based on Q3 absorption rates (averaging 12.8 units a week), it would take roughly 22 months to absorb the 1,095 active units currently on the market in Manhattan. The average Q3 new development discount in Brooklyn from the last ask or last amendment was five percent while Manhattan saw larger discounts averaging 13 percent. 'The discrepancy between median asking price for new development units and the average price for contracts signed illustrates that buyers are seeking more space for less money and are willing to enter submarkets that provide the best bang for their buck,' said Stephen Kliegerman, president of Brown Harris Stevens Development Marketing."

From Hawaii News Now. "Cherlyn Reyes is a first-time landlord. A family of five adults has been renting her West Oahu home for more than a year, but they haven’t paid their rent since June and their lease expired on Aug. 31. For now, she can’t evict that family. Reyes says she understands the need to help renters, but asks: What about landlords?"

"There is a state-managed housing assistance program, where rent payments of up to $2,000 a month are made directly to landlords. But tenants are the ones who need to apply. And Reyes believes her renters may make too much take-home pay to qualify. In the meantime, having no rent payments has stretched her own finances."

"'You know, we’re still paying our mortgage. We’re still paying our taxes. And on top of this, it’s a business, so we have to pay our business tax. I have to pay my GE (general excise) tax for all of that,' she said. Reyes said she has spoken to lawyers, but fears that she won’t see that money paid back. 'They’re planning to move,' said Reyes. ‘What if they move out of state? Then I can’t file damages in the state (of Hawaii). So it really leaves us hanging.'"