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Pandemic and Recession are Changing the Way People Rent and Buy
Tuesday, October 13, 2020
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.
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