Real Estate Trends in 2024
The 2024 real estate playing field is set to continue building on the trends we’ve seen taking place over the last few years. However, with the move of available technology—such as AI—into the public domain and our growing acceptance of it within day-to-day life, this will further advance changes that have so far only minimally influenced the market.
For the real estate investor, this means considering not only today’s property requirements but also those that will soon become normal requirements for a great deal of purchasers or tenants.
From Smart Homes to an Ageing Population: What’s Trending in 2024
- Smart and sustainable: a priority real estate trend in 2024
- Digital nomads vs. an aging population
- Design trends
Smart and sustainable: a priority real estate trend in 2024
Sustainability hits buyers and tenants from two angles.
- In the pocket: The cost-of-living crisis is real, and everyone is looking at ways to drive down fuel bills. Sustainable energy, whether it’s from green home additions or the latest boilers/heat pumps/HVAC systems, etc., are a massive consideration. We should also consider construction elements. This also includes features, such as windows and doors, as well as the fabric of the building. Advanced options have a dramatic effect on how efficient a home is, and thus the annual cost of living there.
- Emotively: Taking personal responsibility for reducing our carbon emissions. This will only become more relevant as Gen Z (one of the most environmentally-aware generations) grows up and looks to rent or purchase a home.
Thus, property investors would be wise to consider how to future-proof homes that are being renovated and/or remodeled.
The same applies to smart tech. Consider installing features that not only make for simplified living but also have a dramatic effect on the sustainability aspect as well, Examples include (but certainly aren’t restricted to):
- Smart lighting
- Smart heating and A/C
- Installing a car charging port
- Smart locks
Digital nomads vs. an aging population
The whole WFH concept is now firmly ingrained within society. A home office or workspace is no longer a luxury—it’s virtually a necessity. Combine this with increased life expectancy—and, indeed, older people continuing to remain within the workforce past traditional retirement age—and it becomes clear that the demand for what a property offers has changed over the last decade.
Real estate that offers the following appeals to both demographics:
- A separate workspace: Be it a garden room, study, or simply an area within the property that can be designated for work (such as an under stairs space, for example).
- Smart tech: Zoom and Teams calls are now a regular element of work life. Upgraded fiber connections for fast, uninterrupted internet access are vital. For property developers, including these within the structure of the building makes for an easy, wireless environment that can cope with future upgrade needs.
- Retirement/Ill-health requirements: At-home care rather than moving to a retirement location is becoming far more popular. Downstairs bedrooms and bathrooms, plus a spare room for a carer to stay overnight is a trending requirement for many. This also doubles as additional living space at earlier times of life, such as growing families, nannies, or—indeed—having an aging parent moving in.
Design trends
It’s time to wave goodbye to certain popular options of recent years, such as bi-fold doors and the penchant for grey décor. 2024 is the time of:
- Neutral exterior property colors that allow an emphasis on landscaping features, rather than the building itself.
- Innovative outdoor space, such as roof terraces.
- Basement remodeling.
- A substantial rise in luxury accommodation requirements.
- Cold plunge pools (Yes, really!). Zillow reports that listings with this feature are up 130%—and the trend shows no signs of slowing in 2024.
Contact BRRRR Loans Today to Finance Your Next Real Estate Venture
No matter what the trends, one thing remains constant—investors need the best interest rates on borrowing and a trusted partner with short close times.
At BRRRR Loans, we pride ourselves on being the best in the business—and our ever-increasing number of loyal customers means we’re definitely doing something right. Find out how we can help you increase your property portfolio by talking to our friendly team today.
We’re looking forward to hearing from you.
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