This helpful post is about the 7 Emerging Real Estate Trends to Watch in 2024. It’s been an interesting two years. The entire world has been shaken up by the ravaging Covid-19 pandemic, which single-handedly affected pretty much every industry all over the world.
The real estate industry was probably among the worst hit. Coming out of 2021, some of the effects of the pandemic can still be felt, and have contributed significantly to what this industry is today.
7 Emerging Real Estate Trends to Watch in 2024
In today’s feature, we’ll break down a few trends you should expect to see in the world of real estate in 2024. If you plan to learn how to invest in real estate, this article will give you an idea of what to expect.
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Climate change and environment Conservationism
Climate change is a concern that is dear to the hearts of many, more so the millennials. This category of the population is now at the stage of their lives where they rent homes and take out mortgages.
Since they are dedicated to sustainable living, they want to live in homes that use green energy and are more energy-efficient.
If you’re a property owner, you will need to replace old appliances with newer models. You will also need to ensure your building is properly insulated.
Remember, residential buildings contribute immensely to global warming, and millennials want no part in that. Many tenants will also be geared toward homes with electric vehicle chargers.
Higher demand for multi-family buildings: Real Estate Trends to Watch in 2022
Single-family homes are expensive, and they’re only getting more so. As if that’s not enough, the land is getting more costly with every passing day, taxes are rising, especially in cities.
In light of this, multi-family buildings are becoming more desirable. Other than saving you costs, sharing facilities such as gyms, gardens, and biking tracks allows people to connect with each other.
Coming out of a pandemic where everyone was locked up on their own, the promise of interpersonal connection is going to play a big role in the homes people choose to live in in 2024.
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Increased uptake of furnished rental apartments
As we said, tenants are now looking for the most convenient options as far as renting is concerned. Many people decided to move cities during the pandemic, and this is going to remain a trend for the foreseeable future.
Furnished rental apartments make it easy for people to move from one city or even state to another without having to haul all their belongings.
Many real estate tech companies and apartment providers offer furnished rentals in major cities around the world, helping tenants view and book apartments before arriving in their new location. In 2024, expect to see increased uptake of furnished rentals.
The use of smart tech will drive property values even higher
If you still have to walk up to your thermostat and adjust the temperature in your home, you need a not-so-slight pinch on the cheek.
In an age where technology is revolutionizing all aspects of life, the real estate industry has not been left behind. Thanks to the introduction of smart home technology, tenants now have more control over their homes than ever before.
Tech-savvy millennial renters will be looking for units with smart home technology. If you’re a landlord looking to increase uptake in 2024, invest in smart locks, smart cameras, smart thermostats, and more. This will give you a competitive edge over your competition and even increase the value of your property.
More virtual home tours
Traditionally, the real estate industry depended on face-to-face meetings for tenants to meet realtors and landlords and check out the rental unit.
As a necessity, however, virtual home tours became the norm. Although we are now on the tail end of the virus, virtual home tours aren’t going anywhere anytime soon.
Virtual home tours allow tenants to search for homes from the comfort of their homes. This has made it easier for people to house hunt even if they’re moving from one city to another.
If you’re a landlord, ensure that your vacant listings are up on Zillow and similar real estate websites. Having 3D models of the home done will also prove to be quite useful.
People are moving to the suburbs
Suburban living is becoming a thing now. As a result of the pandemic, people have had to spend more time in their homes than they ever have before. This negatively affected people who live in high-rise buildings in noisy cities harder.
A lot of people now opt for the suburbs, where they can access parks, hiking trails, and more. Tenants are willing to live outside the city and commute to work or school each day, provided they can find affordable homes in quiet neighborhoods.
More buildings are being dedicated to student housing
Student housing is a win for landlords. Students are often the ideal tenants; when they find a comfortable spot near their school, they tend to spend the entire duration of their study in the same place.
The Covid-19 pandemic has brought many uncertainties to the real estate industry. Therefore, landlords are looking for tenants they can rely on to take out long leases. For this reason, we’re likely to see more buildings tapping into the student housing market.
Moving on after a difficult period
Although the past two years have been especially challenging for the real estate industry, we were able to hold our own and create solutions that helped keep us going.
Come 2024, landlords and real estate agents are looking to showcase more houses and get more tenants. It’s certainly going to be a better year!