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Real Estate Market: Rental Apartments, Houses Pile Up From New York to Singapore

In the world’s big financial centers — from New York to Toronto to London to Sydney — rents for city apartments are plunging.

International students who normally bolster demand are stuck at home and young renters — the most mobile group in real estate — are finding fewer reasons to pay a premium to live in what is, for now, no longer the center of things.

“You’re daft if you aren’t negotiating lower rent right now,’’ said Tim Lawless, Asia Pacific head of research for data provider CoreLogic Inc. “Supply is high and occupancy has fallen off a cliff.”

With remote working in vogue for everyone from banks to tech companies, and the quirky shops and bars that made living in a city fun curtailed, the equation about where to live is changing. And so is the balance of power between landlords and tenants.