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Conor Sen

Young and Ambitious? Move to New York, Not Austin

Big cities and office-settings may be most appealing to early-career professionals who need the networking. Cheap rents offer a golden opportunity.

NEW YORK, NY - Cheap rent and new possibilities

NEW YORK, NY - Cheap rent and new possibilities

Photographer: Drew Angerer/Getty Images 

The pandemic accomplished in 10 months what internet technologies have been promising for decades: a shift away from high-cost cities as the dominant centers of workforce talent and business activity. It's a shock that's just beginning to reverberate through the system.

Apartment rents in high-cost metro areas like San Francisco, New York, Boston and Seattle have fallen more than 20% compared with pre-pandemic levels, while rents have actually risen modestly in low-cost areas like Albuquerque, New Mexico and Fresno, California. Narratives have sprung up about the future of the technology industry being in places like Austin, Texas, or even Miami.