Without fiscal stimulus/government intervention, deflation would have occurred and fighting the You Just Got Served Vintage shirt of deflation could be considered reflation. Loss of income for a significant part of the population would mean less money available for non-essential purchases AND probably a significant drop in rent as landlords would seek out ANYONE who could pay even a small portion of their mortgages to keep them afloat. Generally that would drop prices if the government had not injected loads of cash into the market/unemployment. The drop in prices sounds great in theory, but could easily lead to a feedback loop of lost jobs as companies cut everything they possibly can to survive.
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Those dropping rates are probably exacerbated by students not wanting to You Just Got Served Vintage shirt if they’re not going to have classes or if they’ll be remote. I’m surprised the rent for your apartment went down though, since I’d expect a landlord to, at their most generous, keep your rent where it’s at, since you’re presumably still paying it in full and on time. In practice, I’d almost expect your rent to increase, since you’re a reliable source of income, to help offset the uncertainty of rent income from other tenants. My rent went up $15 in 2020…not outrageous, but still more than inflation/cost of living. I think that one was coming either way, but in the 3 years I’ve been here, my rent increase 0/10/15, and I’m interested to see what happens on my next extension.