Real Estate

Uber, Lyft Boost Demand For Real Estate In Some Neighborhoods

Uber and Lyft, the ride-hailing apps taking cities by storm, is also having another positive impact: driving demand for real estate in certain neighborhoods.

According to a report in TheStreet.com, Ryan Serhant, a real estate agent of the Serhant Team at Nest Seekers International and a star of the hit TV show “Million Dollar Listing New York” said Uber and Lyft are driving demand particularly in Brooklyn and other boroughs that are right outside of Manhattan.

“More than interest rates and more than the Trump rally,” Serhant said in the report. “Transportation at your door step — through your phone — is what has pushed outer borough real estate to new heights in the last two years.”

Serhant noted that thanks to the likes of Uber and Lyft people are willing to move outside of pricey markets like Manhattan and go for neighborhoods in the cheaper outskirts, knowing they can easily get to work with Uber and Lyft.

The boost in real estate demand because of Uber and Lyft comes at a time when Uber is starting to face backlash among consumers. According to data compiled for Quartz by YouGov BrandIndex, the market research firm found that 13.9 percent of U.S. consumers said they would consider using Uber the next time they need a ride. That is lower than the high of 18.3 percent who signaled in November they would consider Uber for a ride.

The survey polled 4,800 people in the U.S. each weekday to track the public perception of over 1,500 brands. Lyft, the Uber competitor, is seeing an uptick in consideration among U.S. consumers. As of April 5, 9.6 percent of American consumers would consider using Lyft for a ride compared to 5.6 percent in September 2016. The 10-point lead Uber once had on Lyft in purchase consideration has now been cut in half, noted the report.

——————————

NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

Click to comment

TRENDING RIGHT NOW