Although studies show that more people live in cities than in the country, things are changing. A lot of people are opting to move to the countryside and this has been propelled by a few things. One of the most important is the decentralisation of work locations. With the growth of technology and remote working, a lot of people do not feel as though it is necessary to keep living in the city. Those who are opting for country living say they do not like the congestion, noise and high cost of living they have to endure just because they have to come to the office. Now that more companies are adopting remote work, there is no need to live in cities anymore, hence the move towards country living. But how will country living affect cities?
The Covid Effect
One of the main trends seen since the start of the pandemic is the mass movement of people from towns and cities into more rural locations. Many people discovered just how grim it is living in a city when all amenities are closed and there are very few open spaces. It has made people value rural homes with gardens, which is why such properties are now selling for premium prices – and city properties have dropped in price.
Loss of Jobs and Closure of Businesses
The loss of jobs that will be seen will not come from those working from home or from decentralised locations, but those that depend on people who come to the office. Think about the coffee shops that served breakfast to office workers, restaurants that held business lunches or printing businesses that depended on businesses printing large documents for their meetings. With a smaller number of working people in the city, foot traffic will fall and so will revenues and profits.
Reduced Property Rent
Perhaps one of the biggest effects of the move to country living is the reduction in property prices. As businesses host smaller teams in their offices due to most of the team working remotely, they will not see a reason to keep their offices or to keep large offices. This means that there will be lots of vacancies which will reduce the demand for prime office space. The result is a reduction in property rent.
This will be a huge advantage for businesses that need prime locations but have a smaller budget. It will also be a massive benefit for startups looking for cheaper office space in prime locations.
Emergence and Growth of New Business Segments
The move to country living will open up new business segments for businesses that serve both individuals and businesses. Services such as self-storage and moving companies will see a lot of business as people move to the country and as more businesses move to cheaper offices that have been occasioned by the lower demand for office space as discussed above.
As people move, they are likely to put their items in storage as they make the move and organise their new lives and living situations. Companies like Safestore, which offer secure personal storage solutions, will see an influx of business, from those who need to store items for both the short and long term. Safestore offers personal storage units of various sizes to serve those who are moving, those who need to store items for a long time, or those looking to renovate the houses they are moving into.
There is no doubt that the move to country living will have a massive impact on our cities. The impact will mainly be felt by businesses that relied on the people moving away or those moving to take advantage of the voids left.