One of the main things that I figured out when signing my contract to take my new job in Portland is the rent here is too damn high; I would even argue borderline extortion. I know from talking to other people who live here, and my colleagues that most people feel the same way according to report from CNN.com on June 16th, pandemic pricing has hit in most major cities across the country. San Francisco, New York, Denver, Miami, to name a few have seen rent in luxury apartments drop 10% alone.

"I'm seeing rents are down 10% to 20%, with higher-end and luxury units taking the biggest hits," said Dave Chesnosky, an agent with Compass in San Francisco. "But these drops are dependent on the location and uniqueness of a unit."

He also went on to add that luxury apartments usually see the drop first because those are that income bracket to decide to move back home or double up with someone else than people in the medium income bracket. Sooner or later, however, the wave goes down through all classes of living.

 

If this is happening in the major cities across the country, how long is it going to take before it happens here in Portland or the other high-end communities in Maine? Is there a place you have your eye on? Do you think this can happen in this market? Please share your thoughts with us.