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Racial disparities could also worsen if pandemic unemployment benefits aren't extended, the report said, as Black renters are more likely to depend on income from jobs that require face-to-face or physical contact.

The market reported its first negative absorption since over a year ago.

Due to the coroanvrius pandemic and the recession, property price growth was stagnant last month.

The expected reduction in office demand may be offset by de-densification, another new trend.

The biggest gain in rent collections was with free standing retail, which reported a 12.1 percentage points jump from June to July.

"Consumers still seek the convenience and instant gratification that comes with the in-store experience," said Ryan Kratz, President of Colliers International's southeast region.

Rents dropped for the fourth months in a row, and major cities are losing population to secondary markets.

Residents may be amassing credit card debt in order to pay rent.