It’s been said that the only constant in life is change itself. Democrats give way to Republicans; hover-boards give way to Hatchables; the iPhone 6 gives way to the Note 7, which explodes and after that ultimately paves the way for an iPhone 8. Even housing trends-a category in which changes were once so glacial they were barely perceptible to the naked eye-are now undergoing profound and rapid transformation too. So what is in store for the real estate market in 2017?
Astonishing Trends Which May Affect the Real estate market in 2017
As real estate markets across the nation continue their unprecedented boom, the form and performance of homes and living styles are changing rapidly in order to meet the new realities of American life. Small is definitely the new big. Modular is the new custom-built. Three-dimensional printers are the new home builders. Communal living is the new grown-up, upscale obsession
We went through the archives to find the top trends of 2016 which may have the potential to redefine, even transform, the housing market in 2017. Let’s go (back) to the future!
Trend No. 1: Micro-apartments are the tiny homes of cities
It’s well known space doesn’t come cheap in the country’s most expensive cities. (We’re looking at you, San Francisco and New York.) Hence the spread of micro-apartments-fully appointed living spaces encompassing a measly 250 to 365 square feet.
The apartments are tinier than tiny houses-measuring a quarter to a third the size of the median apartment in a newly completed building with five or more units in 2013, based on the U.S. Census Bureau. More and more these miniature dwellings are cropping up in big cities like New York, Seattle, and Los Angeles. They’re even spreading to smaller metros like Providence, RI.
What they lack in size, micro-apartments compensate for in lower costs-usually. They sometimes run renters about 15% under studio units in the same neighborhoods. But residents may find themselves paying a little bit more for the luxe amenities that many come with, like convertible furniture, free WI-Fi, weekly housekeeping service, and sometimes even communal activities (whitewater rafting trips! happy hours!).
Trend No. 2: Co-living is coming to a city in your area
The days of finding roommates on Craigslist and then praying for the greatest may be numbered. Co-living, a movement in which young professionals have their next housemates/BFFs carefully screened and live together in upscale, highly planned (would-be) harmony, is making its impact felt in major metros across the U.S.
The real draw for these “Real World”-esque quarters is the communal environment, where residents pay a little more to mix and mingle together at Sunday artisanal potluck dinners, weekend art workshops, or various common spaces in the building. Other perks include shorter leases (some only three or six months) as well as housekeeping services to reduce disputes.
The spaces have been opening first in hipster-filled urban areas including Brooklyn, NY; San Francisco; and Washington, DC. But they are also moving to smaller metros like Chattanooga, TN.
“It’s a neat, innovative market response to the higher cost of renting,” Susan Wachter, a real estate and finance professor at the Wharton School at the University of Pennsylvania, told realtor.com.
Trend No. 3: Wellness buildings are the healthy homes of the future
These days, health and wellness tend to be more than buzzwords. Want proof? Just look at the proliferation of “athleisure” wear, luxury spinning studios, and Fitbits. So it’s hardly surprising that wellness-certified buildings are increasing in popularity.
More than 50 condo and apartment buildings worldwide are actually applying for the new Well Being Standard. Much like LEED certification for Eco-friendliness, the designation is administered by a group known as the International Well Being Institute. To qualify, a building’s design has to incorporate healthy elements like air and water quality, natural light, and fitness.
This can mean giving stairwells more prominent placement to inspire residents to walk more, adding gyms and doctors’ offices to the ground floor, and re-mediating any stress-inducing odors and loud noise. (Since it’s a new process, no finished buildings have been certified at this time.)
“The focus on healthy living today is huge,” says Mollie Carmichael, a principal at John Burns Real Estate Consulting in Irvine, CA. “People are constantly striving for what’s going to keep them healthier.”
Trend No. 4: Modular homes could be the latest thing in housing
Manufactured houses are no longer just rolling off factory assembly lines and into trailer parks. Upscale modular homes are beginning to enjoy their moment in the spotlight with the world’s tallest modular tower opening recently in Brooklyn, NY. The 32-story rental building is anticipated to inspire other big developers to use modular construction.
And why not? Prefabricated housing is commonly of higher quality (because it’s built indoors, sheltered from the elements), costs less (less material wasted), and can go up much faster than traditionally built homes.
“This will speed up the development time at a time when we’re really short of housing,” Steve Weikal, an urban design professor at the Massachusetts Institute of Technology Center for Real Estate, told realtor.com.
Trend No. 5: A 3-D printer could build your next home
Get ready for the future: Homes created by a 3-D printer are anticipated to be cheaper than traditionally built residences; they don’t require as many construction workers; and they produce less waste as the machines use only as much material as is needed. New homes could be designed by ordinary folks (like you) and printed in days.
The technology is still evolving, but rudimentary buildings, mostly made of concrete, happen to be being printed all over the world. A two-story, 4,305-square-foot building was printed recently in China in just 45 days.
“You can have high design on a budget,” architect Christopher Hurst, of WATG Urban Architecture Studio in Chicago, said to realtor.com. “Now you can go to a contractor, and you have a highly customizable house that’s indicative of you-and that way you can express yourself in how you live.”
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