Pub 6 2021 Issue 2

9 ISSUE 2, 2021 E ver since the onset of the COVID-19 pandemic, many have speculated if the country’s most populated cities will be impacted by resident migration. The value of living in a large metropolitan city with benefits, such as reliable public transport, entertainment and great restaurants, has lessened in the last six months. Also, crowded streets and public spaces have made cities less desirable for many due to safety concerns and social distancing. Even now, as states continue to reopen, many are still working remotely (some with the option to work from home indefinitely), assisting their children with virtual learning or attending college from home. Will there be a mass exodus to the suburbs? Will cities be- come ghost towns? While we can’t predict the future, we can gain insights based on the trends we’ve seen so far. However, these trends vary greatly from region to region, making it difficult to determine the overall impact resident migration will have on the nation. A Tale of Two Cities It’s recorded that rents have fallen in 41 of the top 100 metros in the U.S.; however, of the cities hardest hit by outbound migration, New York City and San Francisco are at the top of the list. Based on a recent COVID Migration Report by Hire a Helper, both cities saw 80% more people move out than move in. At the onset of the pandemic, these cities also experienced some of the highest numbers of COVID-19 cases, which was likely a catalyst for many to make the leap. Within these cities, Class A properties have been impacted the most. This could largely be because many of the residents residing in these apartments have jobs that allow them to work remotely and easily move to other areas. Moving Trends & COVID-19: Key Findings & Insights on the Future By Brittany Benz Continued on page 10