by Wolf Richter
Big shifts underway — work-from-anywhere, unemployment crisis, oil bust, people searching for a cheaper place to live.
The theme of renters getting out of the most expensive cities is now everywhere. They might retreat to mon and dad’s house to work from home or flee to a cheaper town, or finally buy a house in the suburbs or even out in the country, or whatever. These themes are running around all over the place, often with not a lot of data to back them up at this early stage. But one thing is happening: Rents are dropping like a rock in some of the most expensive cities. And they’re surging in others.