Here are some of the main ways working from home has impacted real estate.
How has the shift to working from home impacted real estate trends? In the rental market, many younger workers no longer need to rent an apartment in the city because they’re living at their parents’ houses. Their parents are down at their beach or vacation houses, riding out this turbulent time. A lot of the colleges in Boston aren’t welcoming back students for in-person learning, so a lot of these online students don’t see a need to live close to campus or rent in the city. As such, we’ve seen the rental inventory increase significantly, which has practically turned that market on its head.
For many folks, the work-from-home shift has also highlighted the need for more space. Since where we relax and unwind suddenly became the place where we also have to do our most serious work, having a dedicated office space is critical. Also, in general, people are spending the entire day at home with their spouse and their children, and everyone is realizing the need for more breathing room so they don’t drive each other crazy. Today’s buyers are looking for that extra bedroom to accommodate an office and a larger backyard for the kids to run around in.
Additionally, pools are at a premium these days—something most suburban brokers can verify. Once considered a detriment or a ding, inground pools have become one of the most coveted home features on the market.
As you might expect, working from home has left a huge crater on the surface of commercial real estate; commercial vacancy rates basically doubled over the last six months. As more and more companies realize that working from home will be an indefinite shift and not a temporary protocol, they’re deciding to reduce their brick-and-mortar footprint. After all, why pay for all that physical space when you only need half of it?
These are just some of the most notable ways in which working from home has impacted the world of real estate. As always, reach out via phone or email if you have further questions about changing trends in the market or a need to buy or sell soon. I’d love to chat about these types of things, so I look forward to hearing from you!