The global pandemic has put landlords on edge, leading them to offer generous discounts to renters, yet even with certain concessions, prices in New York City, at least, remain high.

CNN Business, citing data from apartment listing platform Zumper, said that median rents in the four most expensive markets in the country (San Francisco, New York, Boston and San Jose) are down compared to where they were a year ago. A major factor is the lack of new leases, as people stayed put in their apartments during lockdowns and, further, as agents could not show new apartments. New lease volume is down by 62 percent compared to last year. As  result, CNN said that those looking for new apartments are feeling more confident in negotiating deals and discounts in various areas.

The New York Times said, however, that in New York City, at least, these discounts don't make a very big difference, as they tend to be short-term arrangements that don't really change much from a long-term perspective. Further, whatever deals are offered tend to be made only to those making new leases, which only account for one third of market activity. Landlords have apparently resisted deep discounts because they anticipate that the end of lockdowns will release pent-up demand, and whatever economic issues they are encountering now are temporary. The thinking seems to be that it's no good to make long-term concessions in response to a short-term problem. So while renters may believe the market advantages them right now, owners disagree and think that if they just wait a while, things will return to normal.

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