Covid 19 has affected the way we live, especially in the health economy sector. Denver is one of the areas that has felt its impact largely. Especially in the real estate industry. In this guide, I will share several ways how this pandemic has affected the Denver housing market. Let’s get started.
Introduction of Zoning Principles in Companies and Offices
Before the pandemic, factories were many in residential areas, which resulted in overcrowding. This also made sanitation to be poor because of heavy pollution. Zoning has helped a lot because it has protected people from diseases. Its principles, such as mixed uses and walkable neighborhoods, guarantees access to light and air, hence promoting health and welfare in overcrowded areas.
Introduction of Local Emergency Powers or Rules
When the pandemic hit the world, almost every country shut down all non-essential businesses and activities. Even though such steps were lawful, they affected the commercial real estate market significantly. Authorities made rules without following legislative procedures.
Public Land Use Meetings Have Gone Online
Before the pandemic, some meetings that involved local government bodies were kept open to the public. But to stop the spread of Covid 19, such meetings have been switched to electronic way. They are held online. Online meetings are run differently because parties who participated in the public land meetings cannot decide to make the body raise their concerns. Nowadays, some regulations have been put in place to allow parties to remotely participate in the public meeting.
Working from Home
Even though there were still a few people who worked from home in the United States, the number increased significantly after the pandemic. The government urged children, workers, and non-working adults to work from home to curb the spread of this pandemic and maintain social distance. Working at home limits people from going to offices. Some office spaces were also closed therefore affecting the real estate housing market tremendously in Denver. Even though this pandemic has transformed the housing market, there is still hope of getting things normalized. The real estate industry will benefit a lot at that time because businesses and office spaces will be open for rental again.
Change in Housing Trends
When work at home orders was lifted, the housing market, home prices, and similar transactions went down quickly. People moved from urban areas to suburban and rural areas. This migration from apartments affected the housing industry significantly. Even though this pandemic forced people to move to rural areas, the job market flocked in such areas. The housing prices became affordable as well.