California Landlords Forced to Drop Rent Prices Amid Population Exodus

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Some of the major cities in California saw rental prices plunge amid declining demand as the areas saw population losses, according to the rental online platform Zumper.

Oakland saw rent plunge more than 9 percent in May, followed by Sacramento, which recorded an 8 percent drop compared to the same time a year ago. Overall, seven of the 11 California cities that Zumper looked showed a drop in May.