Bye-bye city, welcome to the new norm- the life in the suburbs. Don’t be surprised if you will see a revolution in the real estate sector in the near future. More and more people will start shifting from the over-populated cities to their suburbs.
Why the suburban shift?
COVID-19 has made people rethink how they do businesses. Work from home is the new norm. The shift from cities to the suburbs has its own reasons.
1. Work from home is the new norm
The fast-paced city life, over-burdened population- have all created utter chaos and led to a surge in the coronavirus pandemic. For businesses that insisted on its employees reporting to the office every day for work. the remote work culture is something that they had never forethought or foreseen. Many of the big companies have already made the
work from home norm permanent for some of its employees.
2. Cities have high rentals
Cities like New York, San Francisco Bay Area, Los Angeles, Seattle, Boston attract high rentals. The real estate prices are also too high that is not affordable by many who work here. In fact, the rentals in places like Austin in Texas, Raleigh in North Carolina, Atlanta in Georgia and Denver in Colorado have increased in the last decade. This
poses a problem to the employees as well as the firms as they both have to pay rent for residential/commercial purposes.
3. Employees/Offices ready to move away from New York, San Francisco,
Boston and Seattle
As per the Redfin survey, more and more people/firms would prefer to move out from big cities like San Francisco, Seattle and Boston to suburban places like Sacramento, Tacoma and New Hampshire. This works fine for both the employees as well as the enterprises.
- The firms will be able to save money on office rentals. They can either opt for a smaller workplace or shift their office to the city suburbs where the rentals are affordable.
- The employees shift to the city suburbs where the cost of housing is affordable. The surveyed respondents prefer to move to their parent’s homes so that they save on rent.
How far to shift from the city?
The suburban shift will totally depend on the frequency on which the employees are supposed to report to the office. If they are to report either once a week or a fortnight, a shift to the far-end suburbs will be preferable. If the employees have to report to the office twice a week or for meetings whenever necessary, a shift to the suburbs with a
commute time of about 60-75 minutes will be preferred. Similarly, offices would shift to suburbs where its operations will not be affected and resources are easily available.
If you among the scores of people trying the suburban shift, all you have to do is contact a reliable home investor for the sale of your home in the city of New York, Seattle, Boston or San Francisco. Get a good deal from it, and you can buy a bigger home and lead a better life in your city suburb.