4 Emerging Trends That Everyone’s Talking About
The real estate industry is changing in exciting ways. If you are a prospective homebuyer, then the odds are good that you are already considering at least a few of the following developments and how they affect you.
1. On-demand Rentals.
Not long ago, quick weekend rentals were difficult to organize, and often depended upon the help of third-party agencies that charged hefty fees to homeowners and renters alike. Nowadays, services such as AirBnB, Homeaway, and Flipkey have democratized the process, which makes it much easier for homeowners to capitalize on their properties. Forbes Magazine points out that, in addition to on-demand rentals via tech-driven platforms like AirBnB, a general culture of shorter-term renting has evolved. Many millennial students, for example, seek arrangements in which they can rent during the 8 months of the school year, rather than signing into more traditional year-long leases.
2. Location is more Important Than Ever.
Millennials aren’t flocking exclusively to the central business districts of major metropolises — rather, they are prioritizing neighborhoods that offer quick and easy access to employment opportunities and other important amenities.
3. Supply is Catching up to Demand.
As Pew Trusts reports, the end of the great recession was marked by a transformative construction boom. Now that so many large-scale housing and apartment projects are finally finished and on the market, home buyers are back in the driver’s seat. Crowdfunding and fund pooling are additional tech-driven trends that make real estate purchases and investments more accessible. This trend has expanded the real estate market, allowing virtually anyone to realize their plans to invest in property.
4. Smaller Living is Huge. We’ve talked a lot about millennials over the course of this article, and we will end by pointing to one stereotype about Gen Y that rings true. Millennials are less concerned with square footage than their parents. This has been a win-win for homebuyers of all stripes. On the one hand, micro-housing units are now readily available, when just a short time ago they were nothing but a quirky rarity. At the same time, falling demand for large homes has made bigger houses more accessible to those who desire them.