There’s no doubt that the long-lasting impact of the coronavirus pandemic will include a major shift in how consumers look at homebuying. In fact, have already reported here on Zero Hedge about how many are leaving the city in favor of life in the suburbs, since the virus has spread faster in city areas.
Now, it looks as though the younger generation is following the cues of the older generation and doing the same. The effects could be pronounced, especially since the younger generation was responsible for the boom in many U.S. cities over the last decade.
That includes people like Desiree Duff, who Bloomberg highlighted late last week. A former NYC bartender, she has left her apartment in Brooklyn to move back in with her parents in South Carolina. She is currently using unemployment to pay her part of the rent and says that she is stuck “rethinking” the appeal of living in the big city.
She said: “Not knowing what my future there looks like does make me reconsider. Maybe after my lease is done I should move elsewhere, to a smaller city that was less infected, as much as that breaks my heart.”
Her move is a microcosm of a larger shift for the younger generation, which is leaving apartments empty in cities across the U.S.
Deniz Kahramaner, the founder of data-driven real estate brokerage Atlasa said: “The draw of the city is the social life, the dating scene, bars, restaurants, the ability to do fun things on the weekend. Without those attractions, it makes a lot of sense to just abandon ship and go back to your parents.”
Charley Goss, government and community affairs manager at the San Francisco Apartment Association said: “It’s a really hard time for the renter, but it’s a really hard time for the housing provider, too.”
Goss conducted a survey and found that 17% of landlords in the San Francisco area have had tenants break leases or give 30 day “move out” notices.