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?
Atlanta’s economy continues to bounce back. The metro area is experiencing an uptick in its workforce, falling unemployment rates, and increased commercial real estate activity. The national unemployment rate dropped 8.4 percent in August, creating 1.4 million jobs, according to Colliers International.
North Carolina continues to grapple with the effects of the pandemic. New cases were down significantly in early August, but by month end diagnoses were hitting all-time highs. The eviction moratorium for the state expired in June, but the Federal Government announced a new, nationwide eviction moratorium that halts evictions through December 31, 2020. This could afford struggling renters more protection through the end of the year. Amidst the uncertainty, the multifamily sector has remained active with several notable deals.
According to Norada Real Estate Investments, Orlando remains one of the fastest-growing metro areas in the country, with annual job growth near 4.4 percent. Experts predict that the region is on track to experience its largest-ever growth within the next 10 years. Orlando is currently adding science, technology, engineering, and mathematics (STEM) jobs at a faster rate than some Bay Area cities. Orlando was ranked among Forbes’ 15 Best Big Cities for Jobs, noting STEM job growth as a significant contributing factor.