Throughout history, we have seen many interesting changes in the property sales and rentals industry. Several decades ago, everybody’s dream was to move into the big city and testing their luck in places like New York City, Los Angeles, Washington D.C, or Miami. After that came the suburban boom, a mass exodus from areas with a high population density to places with better air, more space, and a cleaner environment for kids to grow.
In the 21st century, once again, important changes are happening, many of which affect us as landlords and tenants and influence the decisions we make. Let us look at four of them.
All-Inclusive Property Rentals
Unless you find yourself in one of the two extremes of the residential property rental market, be it a super-wealthy individual or one under the poverty line, chances are the houses and apartments you rent will be unfurnished, and you will have to provide beds, closets, desks, tables, and so on upon moving in. At least until very recently, this was true regardless of the area of the country where you live.
While the rental properties of today offer tenants both furnished and unfurnished accommodation, this has expanded to include many other things. For instance, landlords are now offering families and singles flexible long and short-term contracts, payment plans that can be changed based on a person’s fluctuations in income and economic standing, and even apartments including utilities, cable television, laundry services, and unlimited access to pools, health and fitness facilities, and recreation areas for people with kids.
Focus on Safety
Arguably the most important aspect to consider when looking for a place to rent or buy is safety. After all, if you are not confident that the people you love as well as yourself are secure, you will be in a state of constant stress and anxiety, which won’t allow you to go on about your daily life in the best, most effective way.
Of course, safety comes at a price, and the best locations in the most developed cities charge for this with a premium. In the vast majority of cases, this additional fee is used to pay for private security companies, 24-hour CCTV cameras linked to public law enforcement, hospitals, and fire stations, and other round-the-clock surveillance systems.
But this is slowly changing. At present, property owners can still get all the benefits of gated communities and personal safety at much more affordable prices.
To Each Their Own
AT&T Internet Services, Sparklight, Century Link, and Charter Communications are four of the largest internet service providers in the United States. No matter who you are or where you call home, your Wi-Fi or cable connection will most likely fall under the umbrella of one of these corporations. If you live in a detached house, you have the option of choosing whichever you see fit based on your needs as it pertains to speed, price, download and upload restrictions, and many others. On the other hand, if you live in an apartment building or small residential community, you will more than likely have to use whomever the entire facility has a contract with.
Like safety, however, this is also changing. Both landlords and service providers are beginning to recognize the importance of flexibility in the choices people make regarding not only their internet connection but also utilities like water, electricity, and gas.
In simple terms, a condotel is a portmanteau or combination of two words, in this case, condominium and hotel that denotes a property that is managed like a hotel. What this means is that, among other things, it has a registration desk on the first floor, cleaning services, a bellboy to help you with your luggage, and even a concierge.
There are two types of condotels. The first is a residential facility run independently that, as previously mentioned, is operated as a hotel. The second is an apartment complex owned in its entirety by a well-known hotel brand like Hyatt, Peninsula, Holiday Inn, or Shangri-La. In cases like these, the building is adjacent to the hotel, and condominium owners can use all hotel facilities and enjoy all perks the same as if they were hotel guests themselves.
This is just an example. There are also many other types of investments currently available for people interested in not only owning a house but also making money while they’re at it.
Four important trends in property buying and rentals are all-inclusive facilities, a renewed focus on affordability and safety, flexibility in services, and alternative investments. By being aware of them, we will have the adequate tools to make the best possible decision the next time we want to buy, rent, or sell our home.