In Los Angeles, the suburbs are outperforming urban markets. Research from Apartment List shows Los Angeles rents fell 6.1% this year, while suburban rents only declined 1.4%. In some suburban markets, like West Covina and Santa Clarita, rents actually increased this year.

"The COVID-19 pandemic has altered city life in a couple of important ways that are shifting demand away from the downtown areas and toward the suburbs," Chris Salviati, the housing economist at Apartment List, tells GlobeSt.com. "Most workers who are able to do their jobs remotely are still doing so. Many will continue to do so well into 2021, and there are signs that a broader embrace of remote work will even outlast the pandemic. Those who are working remotely no longer benefit from being close to the office, and at the same time, having a dedicated workspace at home has become more important than ever."

The pandemic has upset the standard priorities for many renters, weighing space above the social amenities prominent in urban markets. "Many of the things that make city life so vibrant, like bars, restaurants, museums, are currently closed or operating in some limited capacity. Compared to the downtown areas, the suburbs tend to offer more space at a lower price, and the pandemic has shifted preferences such that more renters are finding the suburbs attractive right now," adds Salviati.