There are some notable changes ahead in the real estate market coming up in 2018, as the economy continues to evolve and the world adjusts to the ongoing social changes happening everywhere. Two major changes are coming as the supply of housing finally catches up to market demand. Millennials will also play a bigger role in the real estate market next year, as the younger generation finally gets it footing and begins to rent and buy places of their own.
Here are a few of the trends we see making an impact in 2018.
Community Spaces That Offer Experiences. New renters are coming into the market with different demands, including the need for living in community spaces and having interesting experiences. All of this is a big change from the multi-family model of the past.
Short term rentals. Short term rentals are becoming a game changer in the market, as many people rent out space for higher prices than monthly or yearly lease rates.
Changes in Investment. A move towards investing in a group is taking hold, as an alternative to buying as a sole investor.
Small Scale Living. As property has become more expensive, and cities become more crowded, the move toward small apartments and more mobile modes of living is really taking hold.
Changes in Appraisals. Radical new tax laws may change the way properties are appraised, which will impact the real estate business hugely.
More Access to Services for Renters. Today people who rent are demanding more amenities and more services as part of their rental agreements. This looks to be a trend that will grow in 2018.
Micro Units Becoming More Popular. Tiny micro unit apartments are beginning to catch on in some cities, as space comes at more of a premium. These units must be well designed to attract renters, and offer panoramic views to make up for their very tiny square footage.
Millennial Home Buyers. The entrance of this generation into the home-buying market is sure to be a game changer, as this generation has different options from those who bought in the past, as well as a raft of different tastes and preferences. It’s sure to be an interesting ride as this generation really stakes its claim in the real estate world.