Rent in San Francisco has declined 27% since the start of the pandemic, the sharpest decline in the country, according to Apartment List. Asking rents are down 22% in Seattle, 21% in Boston and 20% in New York City, according to the company.
Portland rents are down 7%.
As the article notes, the attractions of downtown living – being close to work, lots of restaurants, close to other attractions and events – are useless in a pandemic.
Now, many are working from home, restaurants are closed, and events and attractions are canceled.
Last night I watched a video about NYC residents moving out – with many moving to rural or small town areas such as in Vermont. As one couple noted, there they could be twice the house and one-third the price.
Will this migration reverse when the pandemic is done?
Related: use of mass transportation – buses and light rails has plummeted and may threaten the viability of some public transit systems.