Secondary and tertiary housing markets are popular because they have seen the vast positive inward migration, and the supply of purpose-built rental accommodation is usually lower as well as asset prices.
FREMONT, CA: The future of the real estate industry is gradually positive, with advances in technology, a change in tenant preferences, and a readjustment of traditional intermediaries in the stressful process of real estate transactions.
The future of real estate will be grouped by a rise in secondary and tertiary markets. Even before the COVID-19 pandemic, people want more affordable housing options because of the rising real estate asset prices over the past few years.
Secondary and tertiary housing markets are popular because they have seen the vast positive inward migration and the supply of purpose-built rental accommodation is usually lower as well as asset prices. Additionally, smaller markets are also lucrative to tenants who can work from home since they are more affordable than urban centers.
Another popular trend is work from home (WFH). Remote and flexible work is an excellent opportunity for investors to support WFH tenants with new and modified amenities in residential real estate.
As developers and landlords accommodate their spaces to this consumer demand, WFH tenants will be an integral part of the real estate's future.
Because WFH tenants spend more time inside the property, it means more wear-and-tear on units and, thus, more emphasis on maintenance. Furthermore, it will also mean less driving, therefore, fewer parking spaces will be required.
Real estate's future entails a technology-centric one as new real estate tech and digital services available are promising and should be adopted by investors. Because of the emergence of advanced technology and digital platforms, the traditional brokers in real estate will be revolutionized.