Pandemic and Recession are Changing the Way People Rent and Buy

Robert Dietz says you can count him as among those who believe the geography of housing demand is being changed by the pandemic and the resulting recession. He also thinks some of the changes will endure beyond the dual crises. Dietz, chief economist of the National Association of Homebuilders (NAHB) says the changes aren’t solely the result of what has happened this year, but a continuing evolution of the market due to already existing factors. “Declining housing affordability in high-density markets were due to limited resale inventory and insufficient levels of home building. The impact of COVID-19 on prospective home buyer concerns and preferences have accelerated these changes.” He says, for example, that the virus itself is creating a competitive disadvantage for residences that require an elevator or utilize a great deal of common space.

…(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

MND NewsWire

Tags: , , , ,
Previous Post

NAR’s Second Century Ventures Selects Inaugural REACH Canada Class

Next Post

Housing Affordability Weakens in August 2020 as Home Prices Rose Faster than Median Family Incomes

Leave a Reply

Your email address will not be published. Required fields are marked *