It's no secret, the home office is affecting our daily lives in how we work and interact with other employees. With less need for physical office space and more employees working from home, the real estate market is starting to see growth in Zoom Towns.
What is a Zoom Town? A Zoom Town is an area in the US that has a close proximity to a metro area however has a less dense population, larger lot sizes, and is nearby to some scenic activities. Bozeman, MT Carey, NC and Gilbert, AZ are all regions that are seeing massive growth as Zoom Towns. In the last 12 months, home prices have increased over 50% in Bozeman with an influx of young professionals looking for greener space.
Who is suffering from the Zoom Town flight? Large metropolitan areas are being hit the worse. New York City is currently experiencing roughly 28% vacancy rates in the leasing market. 28% !!! Landlords are offering incentives as high as 3 free months rent to try and attract new tenants. To put this in perspective, the vacancy rate in Toledo generally hovers around the 7-10%.
Our area seems like a good fit for Zoom Town growth. We have one of the best zoo's in the country, great metro parks, and of course Lake Erie to fit the scenic lifestyle. We have an ideal location with easy access to Detroit, Cleveland, Chicago, and Columbus. Compared to these areas listed our home values and cost of living is generally a little more affordable.
Could we be next?