Final answer:
A 'tenant-driven' property market describes a scenario where tenants have greater influence due to an excess of rental properties and can negotiate more favorable leasing terms. Factors such as capital flight and price ceilings affect the quality and maintenance of rental housing, leading to a decline in the condition of the properties.
Step-by-step explanation:
A 'tenant-driven' property market is characterized by a situation where the tenants hold more leverage over landlords, which occurs primarily due to an oversupply of rental properties or a decrease in demand. In such a market, tenants often have a wider range of choices and the power to negotiate lower rents or better leasing terms. Factors like capital flight and the implementation of price ceilings can significantly influence a tenant-driven market. Capital flight leads to neighborhoods deteriorating as people with the means move to newer areas, leaving behind aging properties that often become rentals. These rentals may suffer from disinvestment and poor maintenance. Additionally, price ceilings, while intended to keep housing affordable, can inadvertently result in landlords spending less on property maintenance and essentials, subsequently lowering the quality of the housing available to renters.