As Americans across the country feel their uncertainty rise with the passing of each week, they scour the internet for a silver lining.
A popular post on Twitter suggests that the rental market is “exploding.” Housing experts disagree, however, they are seeing some interesting patterns in the market.
Zillow economist, Jeff Tucker, is noticing a “wait and see” approach to housing, meaning that both buyers and sellers are waiting to see how this all plays out before they move forward with a new purchase or sale.
It’s unclear whether an increase in properties listed on Zillow is due to Airbnb properties being sold after mass cancellations, but is a reasonable assumption.
If that’s the case, and these properties turn into more long term-rentals, it could lower rent prices in the areas affected.
“Meanwhile, Tucker emphasized that it’s difficult to make a true forecast of who could be affected most at the moment, but that it’s likely Millennials could be hit the hardest in all of this.”