It’s a new year! 2018 is already here and in full swing! And with every new year comes a new outlook on professional industries and business practices. And the real estate market is no exception. This new year seems to be offering multiple new trends and scenarios; whether they are good or not remains to be seen.
Without any further ado, here are some of the most exciting and interesting real estate trends for 2018.
The era of the long-term rental is coming to an end, and in its wake will rise the short-term rental. We live in a digital age where today’s youth wants to find quick solutions. And in today’s smartphone era, we can find all the information we need and do just about anything in just the click of a button, including buying a house. With popular housing services like Airbnb and HomeAway, those looking for a house or apartment can simply login and find the nearest available room. There are no commitments and no contracts; simply pay for your stay. And now with rumors circulating that Airbnb is looking into renting out apartments themselves, the short-term rental industry is about to make a major boom in 2018.
Millennials are coming of age; they are the ones looking for houses today. Because of this, the industry must adapt to their needs. Millennials want, as previously mentioned, speedy results, and they don’t mind living in smaller spaces. The Millennial mindset also favors unique experiences over uniform ones. They want interesting activities and amenities and co-living spaces.
Micro Units Will Become The Norm
Again, Millennials have a very unique perspective on their living situations. They do not seem to mind living in tinier spaces as long as they have a place to call home. Micro units are being rolled out in many major cities, such as New York’s Yotel and San Francisco’s The Panoramic. Micro units are incredibly small living quarters that utilize every inch of the room to accommodate a person’s needs.
2018 has just begun and there’s a great deal to be excited about! We are looking at some positive trends moving into the new year and beyond.