While location, location, location was once the name of the game when determining where to live and work, the pandemic has flipped the script, affecting everything from rental prices in the most expensive markets and the appeal of satellite cities to the rise in allure of working from home.
The percentage of organisations that have implemented or expanded universal work-from-home policies as a result of Covid-19. 67% expect such policies to remain in place long term or permanently.
The percentage of Americans who say they’re likely to move to a new city or state if their work becomes remote indefinitely.
Lexington, Kentucky saw the largest monthly growth rate in the US, with one-bedroom rent prices increasing by 5.6%. Some of the biggest rent hikes in the country are happening in satellite cities. While rent in San Francisco and Boston has dropped, for instance, rent in Sacramento and Providence rose by around 5%, indicating future migration patterns.
Other cities with rising rent in July include:
The percentage drop in rent for a one-bedroom apartment in San Francisco in June – the biggest ever decline for the city and the largest drop in the nation according to Zumper, which analyses rental data from more than 1m listings across the US. This is also happening nationwide. Overall, rent in the top 10 most expensive markets has declined, a phenomenon Zumper calls ‘pandemic pricing’.
What’s causing this? As remote work becomes more realistic for many people – or, in an equally realistic scenario, as they lose their jobs – they’re leaving packed and pricey cities for smaller, cheaper ones nearby (the so-called ‘Brooklyn effect’).
The ratio of US workers surveyed who say they’re satisfied with how their company handled the transition from the office to WFH, according to a June report of American adults by Morning Consult. Those who are able to work remotely say the pandemic has caused them to view the prospect of remote work more positively – and that the positives outweigh any negatives.
61% say they enjoy working from home, 59% feel more comfortable working from home than in an office, and 49% say they’re more productive. Post-pandemic, 75% of adults who can work remotely say they would like to do so at least 1-2 days a week while 32% would work from home everyday if possible. Meanwhile, nearly one third of remote workers say they would not return to an office until a vaccine is available.