by Wolf Richter
At what point does the shrinking difference no longer justify the move? But wait… the Exodus for the Sierra Nevada isn’t driven by savings.
People’s reaction to the changing work environment during the Pandemic, particularly to the sudden explosion of unemployment and the switch by major companies and government entities to working from home, have thrown the apartment market into total turmoil, with people leaving large expensive city centers and moving to distant locations, or just moving further afield into smaller towns or the mountains. This shows up in plunging rents in those expensive cities and in soaring rents in the move-to areas. This is precisely the scenario in the San Francisco Bay Area, where a massive shift in rents has played out.