Spoiler alert: the rent will go up in whatever city Amazon chooses for the site of its second headquarters.
Aaron Terrazas shares news of a new report by Zillow Research that projects the effect of Amazon HQ2 site selection on rents.
Amazon is expected to make its selection of the site of a second headquarters (HQ2) later this year, in a "sweepstakes of sorts that brings the prize, opportunity, and potential pain, of more than 50,000 highly paid jobs to the winning region."
But ay, there's a rub. "[W]ith those new jobs will likely come new residents, which in turn will boost demand for housing and potentially push up housing costs, particularly rents," according to Terrazas. The caution mimics other messages potentially lost in the media blitz of process of the site selection process. Now, however, Zillow research has a study that predicts exactly how much rents will go up in each of the remaining cities vying for Amazon's affections. Terrazas explains:
Extrapolating from the experience of how local rents have responded to the arrival of workers in recent years across each of the 17 metro markets that Amazon is considering for its second headquarters, we estimate that Nashville, Denver and Los Angeles could experience the largest boost to local rents on top of that already anticipated. Toronto, Chicago and Indianapolis could see the most modest extra bumps to annual rent appreciation.
The article includes more details, a helpful infographic, more analysis, and more details about the study's methodology. The Zillow Research study has not gone unnoticed among mainstream media sites. The New York Times and the Seattle Times, for instance, picked up news of the study.
FULL STORY: Amazon Effect: Nashville and Denver Likely to See Biggest Rent Hikes If Chosen for HQ2
Oregon Passes Exemption to Urban Growth Boundary
Cities have a one-time chance to acquire new land for development in a bid to increase housing supply and affordability.
Where Urban Design Is Headed in 2024
A forecast of likely trends in urban design and architecture.
Savannah: A City of Planning Contrasts
From a human-scales, plaza-anchored grid to suburban sprawl, the oldest planned city in the United States has seen wildly different development patterns.
Washington Tribes Receive Resilience Funding
The 28 grants support projects including relocation efforts as coastal communities face the growing impacts of climate change.
Adaptive Reuse Bills Introduced in California Assembly
The legislation would expand eligibility for economic incentives and let cities loosen regulations to allow for more building conversions.
LA's Top Parks, Ranked
TimeOut just released its list of the top 26 parks in the L.A. area, which is home to some of the best green spaces around.
City of Rochester
Boston Harbor Now
City of Bellevue
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
City of Birmingham, Alabama
City of Laramie, Wyoming
Colorado Department of Local Affairs
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.