Apartment Trends for 2018

dec article

Interconnectivity

In today’s fast and every changing technology landscape, more and more parts of the home are becoming digital and connected to the web.  Who would have ever thought their refrigerator or toaster would be accessible to your smartphone app?  As always, renters are doing what they can to make their property seem more attractive, and worth more rent per month.

Being able to control the thermostat or check on the camera’s while you’re at work is definitely a plus, however there is a risk also.  Since it’s the landlord owns those devices, what’s to say they don’t also have a camera in there to spy on you and make sure you aren’t disrespecting their apartment? Just a bit creepy…

Not too far off from the recent news from the Airbnb camera story: http://abcnews.go.com/US/couple-find-hidden-camera-florida-airbnb/story?id=50402059

Smaller Spaces

I’m sure many of you have seen the tiny homes shows on HGTV where people live in a renovated bus or trailer in the woods somewhere.  A similar trend is happening in big cities like New York as well.  Since rents downtown in most any city are so high, living in a smaller space is often the only way to afford it.  400 square feet or less is pretty common.  Check out this video on ways to make your tiny apartment work for you! https://www.youtube.com/watch?v=dAa6bOWB8qY

Prices

Rental prices are always going up, not a big surprise.  According to this article from Nasdaq, their source being Chief Economist Lawrence Yun from the National association of Realtors, rates for homes are going to to an average of 4.5% in 2018.  Seeing as that’s an almost 30% increase on current rates, that’s not so great news for renters.  http://www.nasdaq.com/article/mortgage-rates-monday-mixed-with-a-rise-forecast-for-2018-cm872593  If you plan to stay awhile, see if your landlord will lock in your rate for a longer lease!  You can also try to move earlier than later if you want to avoid the coming hike in rental prices.

Online Searches & Reviews

Just about everyone now searches for an apartment online these days.  It’s no surprise that reviews for apartment complexes are also just as common.  According to Multifamily Executive, More than 81% of students use online ratings and reviews to search for an apartment.  Read more here http://www.multifamilyexecutive.com/property-management/apartment-trends/top-50-student-housing-properties-by-online-reputation_o.

Roommates

With mortgage rates trending up to 4.5% next year, you can bet that rental prices are going to trend higher as well.   Splitting the costs of housing and utilities is going to be more popular than ever. According to CNN, 32% of Americans split their rent with a non spouse.  http://money.cnn.com/2014/11/05/real_estate/renters-roommates/index.html

Unless you are a big fan of living in a 400 square foot studio apartment like our tiny home friends in NYC, or in the country in a converted bus, then consider a roommate to make the surging rental prices more affordable.  RoommateFilter is a great option to find a compatible roommate, for free.

 

 

 

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