Rental demand could even go up if banks start increasing their lending standards, which a lot have been doing already.

This strategy has become extremely popular with new investors, and I don't see us having enough "distressed" properties to meet that demand anytime soon.I see opportunities in other parts of the market though. 

The real worry is if supply is outstripping demand for what ever reason.

It's in an area of high demand, so I expect the units to rent quickly.

Many business would still require physical space to run which are service based but still a huge amount of space will left vacant and supply will of commercial real estate will increase and demand will decline.

Having the liquidity to navigate stress demands a premium today. 

So demand is still outpacing supply in many markets and prices are holding steady, but volume is way down. 

Government loans have more liberal payment options but still, once the deferment is over, a demand will be made to pay all of the deferred payments.

Versus a year ago, purchase applications are down 19%, but climbing back, demand now within 15% of pre-shutdown levels.Link

Short terms rentals, by comparison, are subject to market demand and cancellation.