New York, L.A. Nightlife Lockdowns Sending Renters to Suburbs
- Rent collection is stronger outside major U.S. cities
- People are leaving cities with bars, restaurants shut
A table sits ready for outside dining in New York on July 18.
Photographer: Johannes Eisele/AFP via Getty ImagesThis article is for subscribers only.
Apartment landlords in big international cities like New York and Los Angeles, where nightlife has gone dark and office workers are staying home, are losing tenants to their suburban counterparts.
Landlord revenue from rent collection in urban centers fell 1.4% in June compared with a year earlier, according to data from RealPage Inc. In the suburbs revenue jumped 2.2%. That gap is the widest its ever been in data going back to the mid-2000s, RealPage said.