Century 21 CEO discusses rural property boom

Century 21 CEO, Mike Miedler, has talked about the noticeable shift of interest towards properties in suburban and rural locations.

As people have come to appreciate outdoor space during the Covid-19 pandemic, more and more renters and homeowners have decided to relocate to leafier areas. According to Mike, regions like his hometown, New Jersey, have seen high demand, while larger cities such as New York, San Francisco and Boston have lost out. He said,

"You've got to understand, we had nine million folks relocate over this pandemic, and they're going to more rural areas, more suburban areas. In fact, if you look at the inventory in those marketplaces, they're down considerably compared to the cities."

He added,

"I just talked to our folks up in Jackson Hole, Wyoming. They're up 375 percent from last year because you've got a lot of people who are looking for, again, more property or vacation homes.”

However, the estate agent franchise CEO is confident urban areas will get back to their usual popularity once the pandemic is over. He explained,

"That's not to say the cities won't come back. New York will be strong and alive for many, many years to come — greatest city on the face of the Earth — but right now people are looking for more property in rural and more suburban communities."

Like most businesses, Century 21 has been forced to adapt its working practices during the Covid-19 pandemic. Its agents have been able to keep up progress by communicating with clients remotely, and Mike stressed the importance of the work they are doing, adding:

"Now, more than ever, you need a real estate professional who knows their local market inside and out to help navigate that process.”