In the world’s big financial centers — from New York to Toronto to London to Sydney — rents for inner-city apartments are plunging.International students who normally bolster demand are stuck at home and young renters — the most mobile group in real estate — are finding fewer reasons to pay a premium to live in what is, for now, no longer the center of things.
A growing number of tenants are opting for shorter leases so that they can move quickly if they a find cheaper apartment, said Christine Sun, head of research and consultancy at OrangeTee & Tie.