This makes perfect sense given the market conditions. The real question is how quickly will the two drivers is this be resolved, namely:
- when will the eviction moratorium expire?
- when will rental demand in urban centers begin to rise again.<p>My forecast is that the eviction moratorium will be more predictable than the demand returning. Once vaccination rates get high enough in late spring / early summer, I don't think the eviction moratorium would hold up in court as the public health necessity will have gone away.<p>In contrast, the return of workers to in person work is TBD. Will finance jobs return to face time culture -- absolutely. I even know some hedge fund workers who are going into the office a few days a week now (in full PPE). But I'm less certain about marketing jobs, software jobs, etc. And throwing the supply / demand equilibrium out of wack by a significant permanent shift to remote work in some industries could be sufficient to cause rent to stay depressed in urban centers.<p>On the other hand, people are so starved for human interaction and the most lively place for that is a bustling city. Thus, I hope people pour back into cities when the pandemic is waning as an exuberante expression of a desire to convene with our fellow humans.