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At the onset of the pandemic, the government stimulus provided by the CARES Act helped many renter-occupied households and landlords stay solvent. As a result, luxury four- and five-star rated apartments took the initial hit, mostly due to oversupply versus a lack of demand. Now, as provisions from the CARES Act fade, losses in rent growth are beginning to widen—specifically for lower-income households and less expensive rental units, according to an analysis from Joey Biasi, a consultant at CoStar Advisory Services.

Wages and salary disbursements, which are the main source of earnings for low-income households, remain 2.6% below pre-recession levels, and more help is likely needed to bridge the gap in economic activity and keep households and landlords balance sheets strong, he says.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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