The Flock To Single Family Housing- Apartments Are So 2019
Many people having been flocking to single family housing in the wake of the pandemic. Covid-19 changed everything. It changed the way the entire world functioned and challenged some of our most basic ideas about health, safety, work, education, and daily life. The real estate market was no exception. Real estate professionals expected a change in the market temps, but many didn’t predict the wave of apartment renters that would quickly switch to single-family housing.
Here are a few of the biggest demographics expected to make the shift to single family housing this year:
College Students/Young Adults Are Moving Out Of Apartments
College students make up a significant percentage of apartment renters. When the pandemic shut down college campuses across the county, college students had to adapt quickly. Many of these students either went back home to live with their parents or got together with a few roommates to rent a single-family home. Statistically this demographic is one of the least likely groups to be infected. However, their social habits and close living quarters made them unwilling hosts. Moving into private, more residential homes allowed this generation of apartment renters to focus on their health and safety while their colleges were closed. This group was also the most at-risk for widespread job losses, which meant many could not afford their increasing apartment rent. Temecula Property Management companies are currently reporting a rise in applications from young adults.
Seniors/Retirees Need More Social Distance Than Apartments Provide
Apartment living can be both comfortable and convenient for seniors and retirees. The smaller living spaces and community amenities make it a popular option for older people who still want to maintain their independence but don’t want to take care of a larger home. However, as the country’s most at-risk group, seniors and retirees had to move out of their apartment simply because it exposed them to risk. The small spaces, elevators, shared community spaces, and amenities make it very difficult to social distance. Many seniors chose to leave their apartments and find accessible single-family homes. This allowed them to have more control over who they came in contact with.
Landlords in the Murrieta and Temecula areas are helping more and more senior citizens make the switch to smaller suburban homes and condos in neighborhoods like Montego Bay and around Mapleton Park.
Business Professionals Can’t Work In The Cramped Space Of Apartments
Covid-19 turned the workforce on its head, and completely changed the way people looked at the traditional business model. As more and more people moved to remote work, they quickly learned that they could be more comfortable and more productive from their home offices. They also realized that their apartments didn’t offer the space or resources needed for a dedicated home office. Those who were suddenly working from home and navigating virtual schooling for their kids desperately needed more space. This is why so many are shifting from apartments to single-family homes. Murrieta Property Management companies are reporting a rise in the number of executive relocations.
The Importance Of Hiring A Property Management Company
As more and more apartment renters become home renters, landlords must quickly prepare for the influx of buyers and renters. They must carefully screen tenants, manage rent processes, take care of maintenance requests, handle tenant issues. Not to mention stay on top of accounting, taxes and bookkeeping. Top performing investors and landlords hire Murrieta Property Management Companies to keep everything organized and help them make more money.
Benefit National Can Help You Prepare For 2021
The next year will be a big one for single-family homes, and investors are jumping on the opportunity to meet this demand. Benefit National Property Management is committed to helping landlords and investors stay ahead of the game by offering top-notch property management services. Take a look at our 2021 CA rental market forecast for 2021 or contact us today to make sure you’re ready to handle the influx of homebuyers and renters in 2021.