Remote work is on the rise and it is changing the way we work, live and interact with each other. With the COVID-19 pandemic forcing companies to adapt to remote work, the number of remote workers has skyrocketed.
In 2021, the number of remote workers in the US alone is estimated to reach 58.19 million, which is a 3% increase from the previous year.
A noticeable trend year over year
What does this mean for the real estate market?
There are two sides to this argument: those who believe that remote work is a game-changer for the real estate market and those who believe that it is just a passing trend.
Let's examine both sides and see where the evidence leads us.
On the one hand, proponents of remote work argue that it is a game-changer for the real estate market. They point out that remote work has made it possible for people to live and work from anywhere. This means that people are no longer tied to a particular location for work and can choose to live in areas that are more affordable, have better weather or offer a higher quality of life.
You can work from anywhere, provided you have internet
This has led to an increase in demand for homes in areas outside of major cities, such as suburban and rural areas.
A 36% rise in 2020
According to a report by CMHC, there was an increase in migration from Montreal to the suburbs in 2020, as the pandemic and widespread shift to remote work influenced where people wanted to live. The report states that net migration from Montréal to other regions of Québec increased by 36% between July 2019 and July 2020.
More and more city workers are going outside the city
This suggests that the demand for suburban homes has increased due to remote work. Additionally, a recent study by Redfin found that people who work remotely are more likely to move to a different state than those who work in an office.
A rural house
This means that remote work is not only impacting local real estate markets but also the national real estate market.
Just a passing trend?
On the other hand, critics of remote work argue that it is just a passing trend and that people will eventually return to the office once the pandemic is over. They point out that remote work is not suitable for all types of jobs and that many companies will want their employees back in the office once it is safe to do so.
Empty offices... Is this the new norm?
They also argue that remote work is not as productive as working in an office and that it can lead to burnout and social isolation.
What does the evidence show...
However, the evidence suggests that remote work is here to stay. A recent survey by PwC found that 72% of employees would like to work remotely at least two days a week even after the pandemic is over.
A Tech Giant has fully embraced remote work
Additionally, a survey by FlexJobs found that 65% of remote workers are more productive working from home than in a traditional office setting.
Remote work allows you to manage your time
This suggests that remote work is not only desirable for employees but also beneficial for employers.
Is it time to move?
In conclusion, the rise of remote work is having a significant impact on the real estate market. While there are still skeptics who believe that remote work is just a passing trend, the evidence suggests that it is here to stay.
Remote work has made it possible for people to live and work from anywhere, leading to an increase in demand for homes in areas outside of major cities. It has also changed the way we think about work and productivity. As remote work becomes more widespread, it will be interesting to see how the real estate market continues to evolve.
Are you thinking of moving? Are you curious about what's on the market in rural areas? The possibilities will surprise you, even with a small budget!
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