Co-Living: What Is It and Will It Survive COVID-19?
A housing option that was once utilized primarily by college students is becoming more popular among young professionals across the globe. With rent prices rocketing in many primary-market cities like New York, San Francisco, Seattle, Washington D.C., and Chicago, urban life is out of reach for many, unless they pool their living resources in a co-living situation. This trend can be a good opportunity for investors as well as a great way for young people to live in urban centers. But will it survive the pandemic?Will Co-Living Survive COVID-19?
In the midst of nationwide shutdowns and market volatility, office leasing in the Richmond region has not slowed down. In fact, the metro area is on track for 2.7 million square feet of positive absorption. This is higher than any annual average since 2006, and higher than the approximately 2.5 million square feet absorbed in 2019. Downtown occupancy rates are near 95 percent, and rent continues to steadily grow year-over-year.
Interest in industrial space continues to grow as more users look to service customers in densely populated cities. Philadelphia is no exception – its strong job and population growth remains on the radars of both investors and developers. Amazon has steadily leased buildings over 200,000 square feet, and one more large deal is expected in the near future.
D.C. home prices have increased by 13.8 percent in the past month and a half. In the approximately four months since the market hit its bottom it has fully recovered, and might even be better than in 2019. Due to the increased activity, experts believe the fall real estate season will drastically surpass previous seasons. Homes are expected to continue to receive multiple offers, causing the average home price to jump.