Several things are now pretty clear about predicting the Boston real estate market. First, the recession will last well into 2021 regardless who the president is. As long as Covid is a major presence among us, jobs will be lost especially in the hospitality industry.
As a result, Boston apartment renters will be disproportionately affected. While jobs in all sectors of the economy have been affected, they’ve concentrated in the hospitality industries; restaurants, hotels and tourism.
And even in businesses that are doing ok, the switch to remote work or a streamlined workforce, whether permanent or not, eliminates clerks, secretaries, office cleaning crews
One other point, many of us are under financial stress whether we own a Boston condo or rent a Beacon Hill apartment, if we don’t find a cure, it could get worse, many may end up making other living arrangements if they feel unsecured about their jobs.
Boston Real Estate and the Bottom Line
There are about 100 million households in the U.S.—if 10 million have a member who is now unemployed, that’s a sizable portion of the real estate market.
Filed Under: “If you’re going through hell, keep going.” — Winston Churchill