The housing market has seen a steady increase in demand over the last few years without seeing the same increase in the supply of properties. This has made the real estate market even more competitive, making it difficult for people to find somewhere to live. This is especially true in high-demand areas like big cities with little space to build new homes. Real estate firms have strategically added specific properties to their portfolio that target those most likely to live in these high-demand areas. Below, we will go through what these types of properties are and discuss why they are so highly sought after.
Shared Apartments for Young Professionals
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The first type of property on this list is apartments that have been designed to house multiple people who don’t necessarily know each other. In these apartments, you can rent a single room and share common areas such as bathrooms and a kitchen, allowing tenants to reduce their living costs. These shared apartments are highly popular with the young professional demographic and are commonly found in big cities. Living with others is a great way to meet new people and make friends, especially for those moving to a place they are unfamiliar with. Choosing to stay with other young professionals allows these people to surround themselves with others who are at a similar stage in life, which makes the transition to working life a little less daunting.
Those starting a new job need somewhere to live that is inexpensive but also in an ideal location to allow travel to and from work each day. Chicago is an excellent example of a large city where you can find many shared apartments, which have recently become very popular. If you want to start coliving Chicago offers an extensive list of rooms and properties available in the areas you want to live. You can also filter your search to match your preferences for things like the number of bedrooms and an en-suite.
Single-Family Homes Near Schools
The next type of property real estate firms commonly offer to those looking for somewhere new to live is single-family homes near schools. There will always be a demand for these types of homes, and with the recent shift in families moving to more suburban areas due to the increase of those choosing to work from home, these types of properties have become even more in demand. The best locations for single-family homes are near highly-rated elementary schools. A quick Google search makes it easy to find the best schools in a particular district.
One of the attractions of these types of homes is the reduced turnover rate of tenants, as families are less likely to move around once they have settled into a particular neighborhood and way of life. Families will be less inclined to take their kids out of school and move to a new area — another reason these homes are in high demand. The resale value of single-family homes is also great, especially in sought-after locations, so real estate firms can be confident that they can make a profit on the initial investment if they choose to sell the property.
Condos Near Universities
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More people are choosing to go to college and university, which means the demand for student housing has skyrocketed in recent times. Many different types of homes are ideal for students: one-bedroom apartments, larger condos, and studios. Student accommodation is critical for universities in large cities, meaning real estate firms will have no trouble finding tenants to fill these properties. Those attending university are generally more keen to live in areas populated with other students, which has increased the demand for housing within walking distance of these educational institutions.
These types of homes provide real estate firms with a steady and reliable source of revenue — a huge reason for their appeal. Although the turnover rate of homes near universities is a lot higher than, for example, single-family homes, it is straightforward to find new tenants quickly and with little effort. The cost of things like advertising is meager as there are always students keen to find somewhere to live that is close to their school.
The housing market has become a lucrative investment venture for many, especially real estate firms looking to capitalize on the increasing demand for homes in densely populated areas. The types of homes mentioned above provide the most significant amount of revenue with the fewest risks for these real estate firms. It is likely that as the housing market continues to grow, the profits made by these firms will also rise.
