The strength of the rental market is being attacked on all sides. Tenants going out of state, tenants are buying houses in the suburbs, eviction moratoriums and rent control initiatives are opening investors eyes to more landlord friendly locations and investments.
Among housing markets that are seeing the steepest rate of recovery includes one that is definitely within the Centennial Advisers footprint. Los Angeles is No. 7 on the Top-10 list of most recovered housing markets since the start of the Pandemic. The city ranked seventh at 108.78%. A score of 100% indicates that the market is performing the same as it was in January prior to the peak of the pandemic; anything higher points to how much better it is doing.
San Francisco came in at No. 6 while Los Angeles is slightly edging Las Vegas, Rochester, and Memphis.
“To figure out which metros have boomeranged the best, realtor.com’s economics team looked at median home asking price growth, the percentage of new listings coming online, the number of days on market that it took homes to sell, and online home search growth. The team looked for year-over-year growth in each of the metrics. Then it created an index by comparing those stats in January—a relatively normal pre-COVID-19 month for the housing market—to the week ending July 18.”Realtor.com
Furthermore, buyers are no longer after the lavish characteristic that metropolitan areas used to entice with prior to the pandemic. Instead, the trend is shedding light on how people are now looking to be as least exposed to the virus as possible. And this often means avoiding the crowded, congested zones within downtowns and major cities.
“…But the housing markets in less expensive, smaller cities as well as the suburbs and farther out towns where buyers can get more square footage for their money, the easier to social distance in, are more in demand than high-rise condos and apartments in the nation’s largest, most expensive city centers.”Realtor.com