My D is giving up her apartment in LA and moving home. She was laid off and has to start all over looking for a job so she doesn’t need the apartment since she will job search remotely. Everyone she knows have left their expensive LA apartments. She went back this last week to start clearing out and she said underground parking garage was half empty now and lots of empty apartments. So I definitely think there’s a flight from expensive urban areas, whether temporary or partially permanent. The rental market is hit hard now because those people can be more transient if even only until next year.
If I was a young renter and someone told me I could work remotely for next 6 months I’d be out the door and try living someplace fun and/or cheap for awhile