It's coming up on a new decade, and the Urban Land Institute and PwC have released the real estate industry's widely anticipated industry forecast, Emerging Trends in Real Estate 2020.
From this report, we wanted to point out some of the country's most popular cities for real estate investment opportunities... and of course, the Orlando market makes the list. However, we have some great Honorable mentions, including favorites out there for 2020. Including Dallas/Fort Worth, Orlando, Atlanta, Los Angeles, Seattle, and our friendly neighbor Tampa/St. Petersburg.
This report is chock-full of great information. We've attached a link to it below, so be sure to check that out, but a great key takeaway for us is that investments in the Orlando Multi-family and Central Florida single-family housing category will remain solid and highly favored as housing needs continue to change for Millennials and Baby Boomers.
As you develop your real estate strategy for the 2020 year and new decade to come, being adaptable and aware of the changing environment and consumer needs will prove key to your success. Stay with us as we cover the trends that will continue to shape the real estate market in the next decade.
With rental rates rising across the country, a search for affordable housing will continue to rise in all markets. One trend popping up to combat this is Co-Living or the "Golden Girls'" Model. This model not only has financial benefits but gives residents a sense of community that our isolating tech culture has created.
We are seeing these developments popping up all over. You've likely seen these districts popping up in your city. The live-work-play districts will continue to grow and provide our communities with some much-needed revitalization with convenient transit access, walkability, and abundant retail, restaurants, and recreation options.
As a professional property management company in Orlando, we see a huge amount of tenant prospects wanting to move into the Hipsturbia areas. These areas are great to be investing in and will only increase in rental rates and property values.
Community Mindset and Sustainable Trend
Brenda Richardson, Senior Contributor at Forbes writes, “Demand is rising for communities in which a sense of place is created organically through sharing common interests and values, rather than concocted through prescribed programming and business goals.” Consumers will continue to push for sustainable living options and practices. Zero-emission initiatives will continue throughout cities and developers should be aware of this.
Local Rent-Control and Other Regulatory Tactics
Some of the biggest markets in the country have sent shockwaves through real estate investors' portfolios with the passing of local and/or statewide rent control. For example, Washington recently passed a statewide rent control law. States like New York, New Jersey, Maryland, and DC have jurisdictions with rent control in place. A trend that is spreading to other States and jurisdictions and will be a hot topic to debate until it ends in utter disaster. We believe in the next decade will see the rise and fall of rent-control.
Technology will continue to disrupt the real estate market. Whether we are talking about tech buzz words like AI, Blockchain, Voice Recognition, Machine Learning, AR, VR, and even freaking robots. New ideas and tech will have a significant impact on your real estate investment, strategy, and returns. We will have more options and accessibility to different forms of real estate investing, and our ability to execute these deals will increase tremendously. The advances in tech push us for more specialization. As the report states, “we hear of wholesale technological disruption of the real estate economy. E-commerce has just begun the “death of retail stores.” Blockchain will render entire segments of the real estate service sector obsolete. Artificial intelligence will, faster than we realize, replace millions of jobs as it transforms the nature of work.” While we all must be aware of the technological advances happening in the space. To be successful in the new year, you’ll always need the right team and people in place. Real estate is a puzzle when you have the right tools and people in place. It makes winning much easier.
What Are Your Real Estate Predictions?
Let us know what you think. What are some other real estate trends your seeing out there? What markets deserve more attention? How will you be success in the New Year? Let us know your thoughts, we love to hear from you. If you are an Orlando landlord, homeowner, or real estate investor interested in the Orlando market. Feel free to reach out to The Listing Real Estate Management. We are your full-service property management company here in Orlando, Florida; our goal is to save you time, resources, and money for your real estate investment. We love to know how we can help you be a success in 2020! We are the Top choice for Orlando property management.