Quote:
Originally Posted by the urban politician
But I also continue to accrue anecdotal evidence:
A) As a doctor I am seeing countless 20 somethings who've moved back in with their parents after the pandemic
B) A lot of Universities are moving to online this fall
C) As a landlord in urban environments, I have had many tenants leave and move back in with their parents (even while paying rent), and am having a much tougher time filling my apartments despite rent decreases. Reasons often being given are ("I decided to find a place in the suburbs"). I wasn't getting that kind of explanation--like ever--in years past. All of this is completely unprecedented, in my experience.
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Again, these are all temporary phenomenon.
20-somethings don't want to live with their parents; many presently have no choice. And if they stayed with Mom and Dad forever, that would be a catastrophe for the overall housing market, suburbs included.
The vast majority of universities are opening for at least partial in-person instruction this fall. Those that don't will be in-person by spring or summer.
Why are you surprised that it's tough to lease up apartments right now? Unless it's an AirBnB-type property in the forest or on a lake, who is making a permanent move in the midst of a pandemic? We're looking to buy a larger home but are waiting for certainty in the political environment and for sellers to capitulate.