Would it surprise you to hear that, amidst a global disaster that has managed to impact every single industry, the real estate market is booming?
It’s true! The post-pandemic real estate market is booming, and contrary to the fears of many economists who have witnessed other booms turn out to be bubbles (and have lived through the subsequent popping of those bubbles), it’s showing no signs of slowing down. People have been moving all through the pandemic as their needs changed: this was especially true for city dwellers, who discovered that when their reasons for moving to the city had closed down, their small living space wasn’t enough to get them through quarantine.
As the pandemic continues to rage amidst a chaotic attempted reopening of our economy, the needs of the population have continued to change, making the real estate market even more vibrant. People are looking to move not into just any old space but into a new space that will meet most (if not all) of their needs. The consumer base looking for new dwellings has had almost two years indoors to think about amenities that would better suit newly-remote lifestyles, and they are demanding more of landlords and property owners than ever before.
This means if you want to stay competitive in this lucrative environment, you need to give the people what they want. Certain amenities increase the likelihood that your property will get the eyes on it you desire, ensuring you a quick sale or a steady stream of renters, depending on your branch of real estate. It’s just a matter of investing in the right features: and if you’re wondering what consumers are looking for in their new dwellings, you’re in the right place.
Read on for a short list of amenities that are quickly becoming must-haves for most consumers.
The More Space, The Better
Part of the reason why city dwellers have tended to move to rural areas in the midst of the pandemic was that after a certain amount of time stuck inside a small studio apartment, the walls start to close in. Post-quarantine, open floor plans are more popular than ever, as well as options that add extra storage space to shelves, cabinets, and existing furniture.
It’s important to remember when attempting to predict customer needs that while the government is forcing a wide-scale reopening of the economy, the pandemic is not over yet. More people are working from home than ever, and some are still making the choice to quarantine while variants like Delta and Omicron make the rounds at an unprecedented rate. A good rule of thumb is that the more space you can provide for your tenants, the better your chances are of getting people interested in your property.
Smart Appliances and Energy Savers
Nobody can deny the immediate appeal of brand-new appliances: however, as customers become more eco-friendly, they are also becoming aware of the financial benefits of having smart appliances in the house. As opposed to their default-model counterparts, smart appliances don’t just give your tenants the warm fuzzies, knowing they’re doing their part to maintain the environment: they also tend to decrease their utility bills, making them one of the more sought out amenities on the market amidst ever-climbing utility prices. While smart appliances tend to be a touch more expensive than standard models, they are an investment that can pay off in dividends as they drive people to your property.
As Much Automation as Possible
This mainly applies to rental properties, as it’s unlikely that you’ll want to invest in this kind of tech if you’re selling a home. But incorporating automated devices into your rental property, such as smart doorbells, thermostats, and even a system like Amazon Echo, can be massive selling points for consumers that have grown to love and expect a certain level of connectivity. In the case of the smart doorbell/security system, these upgrades can also contribute to helping your tenants feel safe in their new property.
In the new, highly-competitive real estate market, any edge you can give yourself will likely work in your favor. Investing in the above amenities (among others) will make it that much easier for you to close on a deal and rake in the cash you deserve to earn from your investment.