The discovery of the novel coronavirus and its threat to the health of the public had led to significant changes to the economy, healthcare, and the lifestyle of everyone. The changes include the drop in the cost of rent.

A Decline in the Cost of Rent

Based on an article, companies that had permitted the majority of their workforce to work from home had caused a sudden drop in the cost of the rent. According to the article, the cost of rent for a one-bedroom apartment in San Francisco's major metro region had dropped by 9.2 percent compared to cost from June 2019. In the entire country, the rent for one-bedroom apartments had also dropped by 0.2 percent. It implies the possibility that many people who have temporarily relocated to the cities to work may have opted to go back home after being permitted by their employers to bring their work home. It also suggests a possibility that more workers would be leaving the city soon as they shift to a work-from-home work setting. 

The places where major tech companies operate had likewise seen a great decline in the cost of rent as companies like Google, Facebook, and Twitter permitted their employees to work from home. 

In Los Angeles, California, rent prices had also dropped by 3.6 percent, according to the article.

During the Lockdown

In the first few months of the year, widespread lockdown orders were implemented by many states across the United States. A lot of people in the workforce had either lost their jobs or given the option to work from home by companies that were allowed to operate amid the lockdown orders. Those who lost their jobs were left with no option but to seek unemployment benefits from the government to provide for their needs and their families. 

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Working from Home

Presently, many states are slowly reopening their economies and allowing businesses that adhere to COVID-19 preventive measures to operate once more. As this unfolds, more job opportunities are expected soon. However, many adjustments are still being made by many large-scale companies to keep their employees safe from the coronavirus. For example, according to an article, Facebook had recently announced that the employees they would be hiring will be given the option to work remotely. It was further revealed in the article that the company is readying its system to allow employees, whose nature of work can be done remotely, to work from home in the coming years. 

Other companies such as Twitter and Google had likewise announced that they will be permitting their employees to work from home until the end of the year. This implies that indeed, many people from the workforce would be gradually shifting to a work-from-home work setting.