In 2022, the tech industry increased its announced job cuts by 649%, the highest since the dot-com crash more than 20 years ago. Over 1,000 tech companies laid off 154,386 employees in 2022, a bulk of them occurring in 4Q22.
These layoffs heavily affected apartment demand in tech-saturated markets, such as Seattle and the Bay Area. Conversely, the tech industry in Austin has been more resilient to underpin sustained apartment demand in the market. What’s ahead for 2023? And how will these layoffs affect apartment demand across the country?