In downturns you can leave without losing a penny. But the owner can't, as a sunking market already means some lost value.

This is a risk, you can basically price it.

Real estate and renting is usually thought as a very efficient market, so it quickly adjusts to new equilibria. But that just means it's flaws (differences from ideal market and from market clearing) are usually the same as the context (regulations, population flows, regional economy) they are embedded in.