The coronavirus outbreak and the resulting economic fallout is still impacting mobility in the Beacon Hill apartment market, encouraging some people to seek cheaper apartments in the burbs while others are staying put for longer.
apartmentlist.com said its latest survey shows that 46% of Americans say the COVID-19 pandemic has influenced their moving plans in one way or another.
The survey in recent weeks, collecting 10,000 responses over the last three months. It found that renters (25%), those who live in dense urban areas (29%), and those who’ve recently been laid off (32%) are the most likely to want to move.
Many low-income tier Beacon Hill apartment rentes will be moving out of necessity, and for them, affordable Boston real estate options will be difficult to find.
America’s mobility rate has been declining steadily for the last 35 years, but it could pick up thanks to the coronavirus. To prove my point, normally at this time Beacon Hill apartments for rent starting September we would have about 70 apartments for rent. As of the date of this posting according to MLS, we have an excess of over 200 Beacon Hill apartments for rent.
As more employers are expected to allow remote work on a permanent basis, which could untether many people and allow them to live wherever they want. And after months of sheltering in place, many urban residents are looking for more space, the survey found. Furthermore, millions of Americans who’ve lost their jobs might want to move to find a more affordable place to live.
That’s especially true for households that earn less than $50,000 a year. The majority of people in that group say they need to find either a cheaper apartment or a better economic opportunity elsewhere.
Nearly 30% of respondents living in a high-density urban area say that the pandemic is prompting them to want to move by the end of the year.
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