2023 has all been about the economy and how it has changed our world permanently. The COVID-19 pandemic took the world by a storm and brought it to a halt. This impacted all kinds of businesses and industries, including the real estate industry. Even though real estate is usually considered a stable and high-value industry, but it wasn’t spared by the economic and global changes.
As the world and economies slowly adapted to the new normal, new trends came to light. The same was the case for the real estate industry. Property management services had to come with unique and creative solutions to meet the new needs of the times. Both homeownership and residential rental property witnessed a change in trends.
Keep reading below to know more about the top 6 trends that emerged in the real estate industry during the pandemic!
1. Rise in Suburban Housing Demand
One of the biggest changes witnessed in buyers and renters is that they have finally begun to embrace location independence. With most of the workforce still operating in work from home settings, people no longer need to live in city centres close to their workplaces. As city peripheries and suburban areas offer bigger and more affordable housing options, people are now more open to make a move.
The concept of work from home is most likely here to stay in some form, even after the pandemic. That is why commute will no longer be a problem. This is encouraging the homebuyers to opt for affordable and spacious housing options away from the city centres.
2. The Age of the Multipurpose
As the pandemic has made our homes our entire worlds, people are demanding more from houses than ever before. One’s house is no longer a place that they spend the night in, and then off they go for a long day of work. People are staying more time at home than ever as most of the work and school has become remote.
The home is now also an office, a school, a place to work out, a place to relax, and a place for dining. Due to this dramatic change in dynamics, the need for spacious and multipurpose housing has increased. The demand for home offices, gyms, study rooms, and recreational spaces is expected to skyrocket.
3. Demand for Outdoor Spaces
Since the pandemic limited the outdoor entertainment options for people, the houses that offer outdoor spaces are selling faster than before. The option of the outdoors allows the residents to refresh and relax after a long day of work indoors.
Homebuyers are looking for houses with swimming pools, patios, outdoor living rooms, and gardens, etc. The lockdowns have certainly helped increase the importance of open-air spaces in homes, and this trend is likely to stay in the industry for a long time.
4. Higher Safety and Health Concerns
Health and wellbeing have become a critical factor in the real estate industry. People who live in rented spaces or apartment buildings are now looking at health safety measures more keenly. The buildings with high-functioning HVAC systems, touch-less technology, sensors, cleaning services, and emergency measures are in higher demand.
The demand for smart-home technology is also likely to go up. Moreover, better ventilation in apartments and big windows for access to sunlight and fresh air are also likely to be in demand for quite some time.
5. Increased Importance of Second Homes
Affluent families with second homes in suburban areas started using them for their retreat. As the infection rates increased in the cities, people who had the option of moving to less populated areas did so. Second homes became the primary residence for many families during the pandemic.
This also encouraged homeowners to make upgrades to the houses by adding office spaces and expanding kitchen pantries for their prolonged stays. Moreover, people who didn’t have second homes before the pandemic also started to consider the option.
Just like everything else on the planet, the pandemic impacted the real estate industry. This gave rise to new trends to cope with the changing times and needs.