Browsing: September 2024

Key Findings from the Latest NAHB Study on Home Buyer Preferences In the 2024 edition of the What Home Buyers Really Want study, the National Association of Home Builders (NAHB) gathered insights from over 3,000 recent and prospective home buyers about their preferences for windows and exterior doors. Respondents were asked to rate various features...

September 2024 marked a significant shift in how commercial real estate leasing is conducted, with technology becoming an essential tool in the leasing process. From virtual property tours to digital contracts and automated lease negotiations, technological advancements have streamlined the leasing experience for both landlords and tenants. In response to the changing needs of tenants...

Growth in Homeownership Rates Across Family Household Types According to the latest analysis of Census American Community Survey (ACS) data by the National Association of Home Builders (NAHB), homeownership rates have risen significantly across various family household types over the last decade. Notably, single-parent households and multigenerational households have experienced the largest gains. In 2022,...

In August 2024, Virtual Reality (VR) technology is revolutionizing property showings, allowing potential buyers to tour homes remotely and interactively. Companies like Matterport and Redfin have introduced VR solutions that enable immersive, 3D property walkthroughs, providing buyers with a lifelike experience without needing to visit the properties in person. This innovation is particularly advantageous in...

Miami, FL – In a significant move to combat the city’s growing housing affordability issues, the Related Group has partnered with the Miami Housing Authority to bring much-needed affordable rental units to the area. The two entities announced on September 24, 2024, that they will jointly develop 3,000 rental units over the next decade, aiming...

As cities around the world grapple with rising property taxes, commercial real estate leasing has been significantly impacted in September 2024. In key urban centers like New York, Chicago, and Los Angeles, landlords are increasingly facing higher property tax assessments, and these increased costs are being passed down to tenants through higher rents and escalated...

As families look for ways to adapt to changing needs, multi-generational housing is seeing a significant rise in popularity. A report released on September 22, 2024, by the U.S. Census Bureau reveals that more families are opting for flexible living arrangements that allow them to live together while supporting caregiving, enhancing family connections, and improving...

Overview of Short-Term Rental Regulation in Chicago The rise of short-term rentals (STRs), particularly platforms like Airbnb, has raised concerns regarding housing affordability. The increasing popularity of STRs often results in the conversion of long-term rental properties into short-term rentals, further exacerbating the housing supply crisis. In response, several cities, including Chicago, have implemented regulations...

In September 2024, New York City made a bold commitment to sustainability by introducing a green building mandate that will reshape the city’s skyline and its environmental footprint. Starting in 2025, all new residential and commercial buildings must meet specific environmental certification standards, such as LEED Gold or higher. This new regulation is part of...

The rapid expansion of e-commerce has dramatically transformed the commercial leasing landscape, particularly in the industrial real estate sector. In September 2024, the e-commerce boom continued to drive demand for warehouse and distribution center spaces, creating a competitive market for industrial leasing. In cities across the United States, including Chicago, Atlanta, and Los Angeles, the...

In August 2024, blockchain technology is making significant strides in the real estate industry, fundamentally transforming the way property transactions are conducted. Companies like Propy and ShelterZoom are leading the charge by using blockchain to create secure, transparent, and efficient property transactions. Through the use of smart contracts and decentralized ledgers, these platforms aim to...

As rental prices continue to rise and affordable housing remains in short supply, co-living and shared housing solutions are gaining traction as a practical and affordable alternative for renters. A report from Co-Living Today, released on September 15, 2024, reveals that these innovative housing models are becoming more prevalent, especially in major urban areas where...

California’s Tenant Protection Act (SB 567) came into full effect, marking a significant step forward in safeguarding the rights of renters across the state. The landmark legislation was passed to address the growing housing crisis and protect tenants from unjust rent hikes and displacement. By introducing a series of regulations, the law seeks to create...

Homeownership Trends Among Multigenerational Households The homeownership rate for multigenerational households reached 74.2% in 2022, surpassing the rate for all other family households, which stood at 73.9%. This marks a significant shift from 2012, when the homeownership rate for multigenerational households was only 69.3%, falling behind other family households at 71.3%. This increase of 5...

As the commercial real estate market continues to evolve, one trend that has gained significant momentum in September 2024 is the rise of co-working spaces. With the shift towards hybrid and remote work models, businesses are increasingly looking for flexible leasing solutions, and co-working spaces have emerged as an attractive alternative to traditional office leases....

The luxury real estate market is exceeding expectations in 2024, with affluent buyers increasingly pursuing larger, more private estates that offer both luxury and comfort. According to a report released on September 8, 2024, by the Luxury Real Estate Institute, high-income buyers are driving demand for exclusive properties in both urban and suburban areas. Developers,...

In a transformative move to reshape the South Side of Chicago, city officials unveiled an ambitious urban renewal project in early September 2024, signaling a bold step toward revitalizing the neighborhood and addressing its housing challenges. The initiative, spearheaded by the Chicago Urban Development Authority (CDA), with crucial backing from Mayor Lori Lightfoot, is focused...

As remote work becomes a permanent fixture for many professionals, suburban housing markets are seeing significant growth. A report from the National Association of Realtors (NAR) released on September 1, 2024, highlighted how suburban housing markets continue to thrive, fueled by the increasing demand for larger living spaces and more affordable homes compared to urban...

The commercial real estate market in September 2024 saw a significant shift in how businesses approach office spaces, with hybrid work models continuing to play a major role in reshaping leasing trends. As the world continues to adjust to the post-pandemic work environment, the demand for office spaces has seen a marked shift from traditional...