on their rising rents in many major cities. In recent months, landlords have had to become more creative when marketing their properties as they face rising vacancy rates.
Renters in cities like San Francisco, Los Angeles, New York, and Seattle have experienced steep declines in rental prices in recent months. Rent prices in San Francisco, for example, decreased by 6% since the start of 2020, while L.A. rents have dropped by double digits compared to last year.
As rental markets are slowing and rents fall, some landlords have responded by offering tenant perks such as rent discounts, waived fees, and rent deferrals. Others are finding creative ways to attract new tenants or keep existing ones such as remodeling units, offering virtual tours, or changing building policies. Landlords may also be desperate to fill vacancies quickly and are more willing to negotiate with tenants on flexible lease terms.
Though some tenants might benefit from these changes, the economic toll of the pandemic is creating serious challenges for landlords whose income may have been drastically reduced. As a result, many landlords are, unfortunately, still raising rents to make up for lost revenue in order to cover their own expenses.
