The Peloton craze has gone from a niche piece of workout equipment to a full-blown phenomenon that is concretely affecting real estate trends. With gyms closed and everyone trying to keep their home workouts safe, socially distanced, and interesting, more and more customers are looking for a dedicated space at home to put their exercise bikes, with the trend becoming known as a “Peloton nook”. Of course, it can be any brand of bike or other exercise equipment, but Peloton seems to have captured the lead and our cultural consciousness.
Joe Biden is reportedly a Peloton-addict and has been rumored to be bringing it to the white house (although there are some national security risks being evaluated due to the wi-fi/camera connection – not a problem for the average user.)
My own journey with Peloton started in 2019 when I bought a bit of stock shortly after their IPO. I didn’t think much of it and had been quite content to use a 20-year-old stationary bike in our breezeway when the Oregon weather isn’t cooperating.
My daughter, a doctor in San Diego has had the bike for several years and had already cancelled her gym membership pre-pandemic to focus on outdoor runs, tennis and the at-home bike.
Now with the stock hovering around $150 (it IPO’d at about $25), I’ve decided to take the plunge and join the club. And what a replacement for a 20-year-old stationary bike it TRULY is! I’m really enjoying the ability to pick a class from the library of options (based on length of class, music style, difficulty level, etc.) and I have yet to actually join a ‘live’ class, but I like to work out on my own schedule.
What I didn’t realize is how the Peloton app has really pivoted during the pandemic to offer even more beyond the spinning classes that it is so well-known for. There is everything from stretching, to yoga, meditation, bootcamp (HIIT) classes, outdoor running and more. There really is something for everyone, and no, this isn’t a paid advertisement. But as the pandemic trends will likely continue to affect real estate trends, I do think it is important to stay on top of the trends (and encouraging a lifestyle is something I’m passionate about as a former registered dietitian.)
We are blessed with bigger spaces in our town of 50,000 inhabitants in Corvallis Oregon, where I’m the Principal Broker of Keller Williams Mid-Willamette so many people are able to simply convert extra bedrooms into their workout rooms, whereas New Yorkers have been cramming them into any spare nook or square inch of space they can find (link: https://nypost.com/2020/05/21/peloton-bikes-dominate-nyc-real-estate-thanks-to-quarantine-demand/), with one agent even labeling a small area on the floor plan as a "Peloton Area."
Whenever this pandemic ends in the meantime (and I suspect even after), you’ll find me working out and following my friends and family’s workouts on the Peloton app. One of my sons, who lives in Italy, even uses the app with a non-Peloton bike because the classes are so much more motivating than cycling on his own listening to music. I suspect the many new converts to home workouts will continue to impact real estate trends even when we do safely come out of this pandemic and people are free to go back to their old habits – time will tell!
Bonus FYI: There is a free 30-day trial if you are considering signing up without buying the bike (link: https://www.google.com/search?client=firefox-b-d&q=chase+sapphire+reserve+peloton)
And if you are a Chase Sapphire Reserve card member, you automatically get $120/year in rebates. (link: https://www.onepeloton.com/digital/promotions/chase)
Sue Long is the Principal Broker (owner-operator) of Keller Williams Realty Mid-Willamette in Corvallis, Oregon www.suelongrealty.com