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The pandemic has changed many things, including the characteristics people desire in a home and the reasons why they’re in the market for a new space. Uri Vaknin, partner at KRE Capital, which owns the DK Las Vegas portfolio of condos, is observing new behaviors in condo buyers. “We’re seeing a few trends during the pandemic, including an increased demand for home offices and an increase in the number of buyers. People are spending so much time at home, they want to be in something that really suits their needs,” Vaknin said.

Establishing office space

Carving out a designated place to work at home is becoming increasingly important for people as well. “People are still looking for the airy, modern open concept floor plans—with the addition of a comfortable home office,” Vaknin said. “Home offices are here to stay.”

Why people are moving to Las Vegas amid a pandemic

Affordability is a major advantage to living in Las Vegas compared with other places. Nevada has no state income tax, no capital gains tax and low property tax—combined with less urban congestion and resort-style living at a fraction of the cost, Las Vegas is a prime destination for new residents. “Something we’re seeing with tech firms, for instance, many of which have gone fully remote, is people in the industry leaving very expensive communities in the Bay Area and moving to Las Vegas,” Vaknin said. “They’re able to live where they want and work from home. Plus they can afford more in Las Vegas on the same salary. Money goes further in Las Vegas than it does in the Bay Area.”

As the home becomes the primary living place, it’s more important than ever to truly love where you live. “People are moving during this time because many have the freedom to do so. That combined with the lowest interest rates ever recorded, the real estate industry is healthy and buoyant right now,” Vaknin said.