Evan Hock, Co-Founder of MakeMyMove, joins Yahoo Finance to discuss embracing remote work after the pandemic.

Video Transcript

ALEXIS CHRISTOFOROUS: Welcome back. The COVID-19 pandemic has forced many Americans to reevaluate where they live. As more companies allow employees to work remotely, living close to the office is no longer a priority for many. And now communities across the US are actually paying remote workers to relocate. For more, we are joined by Evan Hock. He is co-founder and CEO of MakeMyMove. Evan, good to have you here. So what are you seeing in terms of communities trying to attract individual workers versus businesses?

EVAN HOCK: Yeah, what we're finding is that they're really retooling their economic development playbook. And it's not an either or. They're still going to be recruiting companies to their communities. But suddenly, there are millions of remote workers that can bring themselves and their jobs with them. And so these communities are starting to divert some of that budget towards recruiting individuals. And they're offering direct incentives in the form of cash, loan forgiveness, and all kinds of amenities.

KRISTIN MYERS: Now I want to ask now about the flip side, which would actually be some of those companies. I know that you're talking about towns, cities that are trying to entice some of these remote workers. But if employers want to get their workers really to be these remote workers, what kind of incentives do they need to offer them to get their employees to work there as a remote worker?

EVAN HOCK: Yeah, so, you know, I think in this new talent marketplace, remote work is just going to be part of a normal benefits package. You're seeing some of the most coveted companies, Salesforce, Ford Motor Company, Nationwide Insurance, coming out early and saying we offer remote work. If you want to work remote, come work for us.

And so, over the last year, we've talked to so many remote workers that were introduced to the concept for the first time during the pandemic. And they love it. It gives them a lot of freedom in their life, not just to choose where they live, but freedom in their day. So I think we're going to see more and more employees gravitating towards a desire for remote work. And I think we're going to see companies adapt to that need.

ALEXIS CHRISTOFOROUS: What has this been doing to the residential real estate market and lots of large urban places where people are leaving to go to smaller, less populated places and work remotely? I mean, what are you seeing in terms of trends on home prices and rental prices? I know here in New York, where we're based, our rent prices have come way down. And landlords have been forced to offer incentives to get people to rent again.

EVAN HOCK: Yeah, I mean, I think what we're seeing is a massive shift in US life. And that's going to take a little while to kind of figure out how it all shakes out in the end. I mean, I think a lot of the people that are moving are moving from bigger cities, particularly coastal cities, in part because they feel like they've just become unlivable. They're crowded. They're expensive.

And so they're going to places that maybe better match their lifestyle, someplace that they can buy a home, raise a family, have a little bit of space. That does mean that in all likelihood, in the near term, some of these communities that they're going to, the prices might go up. And there's going to be a correction in the places that they leave. But really, what we're excited about seeing is that this is sort of a revolution in personal choice. People can go wherever they want and find the lifestyle that meets their needs.

KRISTIN MYERS: So, Evan, I'm curious to know who this remote worker actually is. I think most people kind of assume it's a lot of the Gen Z-ers and millennials. But are you seeing perhaps some older folks with children that are a little bit older wanting to participate as well in this movement into remote work, leaving the cities, going out to these smaller, more rural communities?

EVAN HOCK: We're seeing a lot of that. I mean, the reality is remote work is not a niche thing anymore. If you can do your job at a desk, you can do your job at a desk from anywhere. And so, we do see a lot of younger folks moving. But to your point, there are plenty of folks that maybe are in their last act. We're partnering with Purdue University in West Lafayette, Indiana, attracting people to live and work in a near campus community. And we saw plenty of applicants that were maybe wanting to plot where they were going to retire eventually and wanted to be on that college campus where maybe they can audit classes, they can participate in a lot of campus life. It's a great program.

ALEXIS CHRISTOFOROUS: All right, Evan Hock, co-founder and CEO of MakeMyMove, thanks so much for being with us.