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Yelp Wants to Give People $2,000 to Leave the Nest
Yelp launched the “Re-Empty the Nest” contest on Tuesday, which will offer people a $2,000 gift card to move out of their parent’s house. How they chose to spend the gift card is up to them — they could use it to cover moving expenses, cleaning costs or on any “other pros to make the transition easier.”
Following the start of the coronavirus pandemic, 2.6 million people chose to move home, whether because of university closings or struggling finances. For many, the biggest expense they had was rent, so leaving their apartment was an easy way to save. But as the pandemic drags on, living with your parents might still not be your best option.
Why is Yelp launching this in the middle of a pandemic?
The number of adult children living at home is at an all-time high — 52% of 18- to 29-year olds, according to Pew Research Center. Levels haven’t been this high since The Great Depression.
[ Read: The Best High-Yield Savings Accounts for 2020 ]
The $2,000 would help people bridge the gap between wanting to move out and being able to do it. Yelp’s “expansive network of qualified home pros ready and waiting to help with the job” makes it the perfect candidate for such a competition.
But why choose the middle of the pandemic –– when people can save significant amounts of money while being home –– to start this contest? Yelp cites increases in quotes for packing services, moving companies and mortgages lenders as the main driver. Quotes for movers have increased by 35% in San Francisco and 22% in New York, Yelp reports.
[ Read: These 7 Cities Are Dropping Rent Due to COVID-19 ]
The contest ends on October 30th. Both parent and adult children can enter. To enter, participants should:
- Create an account with their real name and a photo for their profile.
- Use the “Request-a-Quote” feature and request (via the app) one of the following services: plumbing, moving, home cleaning, landscaping or handyman services.
- Fill out the entry form on the contest page. Include why you need help and a screenshot of your quote request.
Too long, didn’t read?
During a pandemic, it might seem unwise to make such a significant financial choice as moving. Yes, the perks are there but think about it like this: while students and adult children can save while staying at home, it may be negatively impacting their parent’s wallets. Yelp is tapping into the desire to move — while tackling families’ financial necessities.
We welcome your feedback on this article. Contact us at inquiries@thesimpledollar.com with comments or questions.
Image Credit: Kali9/Getty Images
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Reviewed by
Andrea Perez
Personal Finance EditorAndrea Perez is an editor at The Simple Dollar who leads our news and opinion coverage. She specializes in financial policy, banking, and investing.
