Worth - No Slowing Down for Summer: Vacation Rental & Second Home Markets Remain Strong
People are craving space and a place with room to retreat after being cooped up for months in small, expensive apartments.
There is no denying that the coronavirus has altered human behavior and these changes have, and will continue to, result in dynamic shifts for industries across the board. With the uncertainty of the virus, no one knows how persistent it will be or how we will live, work and interact with one another. However, one thing is certain: People are craving space and a place with room to retreat after being cooped up in small, expensive apartments that functioned perfectly as a place to live and work in the big city, yet not as a place to be bound to live and work for the foreseeable future.
A change in what we value in life has been unearthed, which includes more time with friends, family and enjoying the great outdoors. Because of this new desire for room, the real estate industry has a new trend emerging. We are seeing an uptick in higher priced rentals, an increase in sales of second homes in markets that are drivable from major cities, and people planning late summer and fall escapes and booking lavish vacation homes. Here we explore some of those destinations and what we can expect in the coming months.