Will Covid Cause Everyone to flee Major Cities?

Many people are wondering, now that we don’t go into the office anymore, will people start to move away from major cities?

Doubtful this is the case for Portland. These days I regularly see out of state buyer competing in multiple offer situations from other major cities like San Francisco, Seattle, and New York. These places have rent prices roughly twice as high as Portland. It’s not unheard of to pay over $4,000 a month for a one-bedroom apartment in those cities. These major metropolitan’s see Portland as the place to move to, in order to downsize as they work from home. No wonder our market is so hot!

Furthermore, the demographic of people working from home might surprise you. See this chart below.