You should consider that the market really removed 30% of the residents. When 30% of people don't know whether they will be able to find/keep a job to pay the e

You should consider that the market really removed 30% of the residents. When 30% of people don't know whether they will be able to find/keep a job to pay the expensive rent, they simply refused to pay the current rent or found themselves unable to. Rent went down. For me and most people I know when the landlord came asking about renewal (London is all about yearly contracts) for a similar price or more, he was told to f* off. When everybody is doing that, rent is going down. In a sense the perception of the market is driving the market. The virus is affecting 90% of the population, it's not just hitting the margin. I say landlord but it's very often a letting agency (taking commission for finding tenants), the landlord is someone abroad or an investment company that's nowhere to be seen. They don't have each other interest at heart.