Rick Suid, a Partner in Bennett Thrasher’s Financial Reporting & Assurance practice and co-leader of the firm’s Real Estate practice, was recently quoted in an Atlanta Journal-Constitution (AJC) article about how urban dwellers are increasingly moving to suburbia as a result of COVID-19.
The article, which appeared on the AJC’s October 29th front page as well as online, noted how renters in particular are moving to places with more space for less money. The pandemic has driven this recent suburban flight, the article states, as COVID-19 “has taken some of the shine off intown amenities such as bars, restaurants and concert venues, which are closed or limited in operations.”
AJC Reporter Andy Peters looked to Suid for his insight on the recent decrease in suburban vacancy rates and investors’ attraction to these apartment complexes. Suid responded by explaining that “surging demand from new residents means landlords can maintain rent levels, if not raise them, producing steady cash flow.”
“When there’s a quality [suburban apartment complex] that comes up for sale, the competition to acquire it is fierce,” Suid added. “They’re the cream of the crop all of a sudden.”
You can read more about this latest commercial real estate trend as well as Suid’s additional thoughts here.