4 Trends in Real Estate You Need to Know
Statistics show a decline in home ownership, with 36% of Americans renting instead. It’s also shown that 65% of these renters are young adults. If you are new to property management, you may be interested in trends in real estate. Trends are important because it predicts what people will be looking for.
Part of being a successful property manager is staying ahead of trends. This helps you to predict what tenants will want and what will do well on the market.
Keep reading to find out more about the trends in real estate right now.
1. Digital House Hunting
The most obvious real estate market trend is digital househunting. In the last five years, many house hunters have started to rely completely on technology.
There are so many real estate resources online that this is inevitable. It took off even more in 2020 when people were unable to visit houses in person.
This is why property management needs to focus on online presence. How your rental properties are displayed online will have a huge impact on tenants.
You may want to invest in better photography and better property listings.
2. Single-Family Housing Demands
The market also shows that the demand for single-family housing is very high. Both single-family housing and multifamily units are creating shortages.
These options are being snapped up within a very short amount of time. This is making them much harder to find and even more in demand from the shortage.
3. Prices Are Rising
Trends in real estate are also predicting that prices will continue to rise as they have been doing. Home prices have continued to go up and are expected to continue throughout 2023.
Shortly after 2020, housing prices dropped for a short amount of time. That quickly changed, however, and prices have continued to escalate over the past few years.
Despite the rising prices, this has not dissuaded any tenants over the past few years. Houses are still in high demand, and people are willing to pay the necessary prices.
4. Better Tenant Focus
One trend in rental properties is more focus on the tenants. Property managers are starting to focus on advertising and better screening.
Some are also expanding their options to create a more enjoyable tenant experience. Focusing on your tenants is a great way to ensure that everyone stays happy.
Trends in Real Estate to Know About
If you are a new property manager, you may be curious about trends in real estate. It is important to follow trends since this can predict your success in this career path.
Like any industry, the real estate market is always changing year to year. You have to stay on top of these trends to better understand what tenants are looking for in properties.
Are you interested in finding the best real estate agent for your properties? Contact us today at eFind Agent for the best housing resources available.