It’s hard to tell which of the following, the pandemic, inflation, high home prices or the lack of affordable housing, has caused rents to explode. Skyrocketing rents, coming at the same time housing prices are at historic highs, make it hard for people to afford to live. As an entrepreneur, every dollar counts when launching a startup. Combine that goal with rent and utility costs, which in the second quarter of 2022 were 23% higher nationwide compared to the same period in 2019, according to Census data released earlier this month.
If we are headed into a recession, it would not bring much relief for renters. When the economy slows down, rents don’t fall, but people do lose their jobs. One reason rent prices are a bit recession-proof is people are less likely to buy homes when the economy isn’t doing well. Maybe, there is another option to explore like living out of Airbnb’s versus renting an apartment or home.
Harnessing remote workers, and adopting a nomadic travel lifestyle are on the rise across the world. With the increase of remote work and the gig economy, it’s finally possible in a way it has never been before. According to a study by MBO Partners, roughly 19 million American adults plan to start the lifestyle over the next few years, and 45 million are considering it. And there are several possible benefits of working and traveling at the same time.
Lifestyle: As an entrepreneur, you might want the freedom that comes with meeting experts from around the world and reducing your material costs like rent, transportation (buying/leasing a car, etc.).
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