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IPFS News Link • Housing

"Exodus" from cities to the suburbs because of coronavirus fears may last 2 years...

•, by: Zoey Sky

 Preppers are always ready for the inevitable. Months before the coronavirus (COVID-19) pandemic began in the U.S., preppers already had stockpiles full of supplies, and some have even readied their hideouts in safe, secluded areas known only to them.

However, millions of regular American citizens struggle to keep their jobs and feed their families amid the pandemic. In recent months, riots have caused disturbances throughout the country, and now, a real estate expert warns that people will continue to leave busy cities and head to quieter, safer suburban areas.

Signs of a two-year "exodus"

According to Hessam Nadji, President and CEO of Marcus & Millichap, one of the largest commercial real estate brokers in the U.S., this "exodus" may continue for at least another two years.

During the last few months, there have been various reports about city dwellers leaving busy cities to seek the safety of small towns and the suburbs, with reasons such as escaping the continued spread of the pandemic and the socio-economic tensions steadily rising in cities across the country. (Related: Demand for rural and suburban properties skyrocket as more people are looking to get away from coronavirus, riots.)

This exodus will inevitably test if suburban areas can accommodate the surge in demand. Nadji explained that a lot of office vacancies in the suburbs have now been absorbed, coupled with an increase in demand for rental homes from city dwellers hailing from hot spots like New York.