Author: Rent Magazine Contributor

The growing levels of new home construction and sales are improving expectations for housing availability, according to the latest Housing Trends Report for the second quarter of 2023. As a result, many prospective homebuyers are increasingly optimistic that finding a home will become easier in the coming months. Improved Expectations for Housing Availability The report found that 29% of prospective buyers now expect housing availability to ease, a notable improvement compared to 24% in the final quarter of 2022 and 26% in the first quarter of 2023. This marks a positive shift in buyer sentiment, signaling that the increase in…

On July 22, 2023, a report from the National Association of Realtors (NAR) highlighted the significant impact of technology on the homebuying process, with virtual tours, digital closings, and AI-powered tools gaining widespread popularity. Homebuyers, real estate agents, technology companies, and mortgage lenders are all embracing these digital innovations to simplify and enhance the experience of purchasing a home, transforming the way homes are bought and sold. A defining moment in this technological shift has been the widespread adoption of virtual tours. These online tours allow potential buyers to explore properties remotely, from the comfort of their own devices, eliminating…

In an unprecedented move within the U.S. real estate sector, a landmark settlement reached in July 2023 is set to transform how homes are bought and sold across the country. This settlement, valued at $418 million, resolved multiple lawsuits that accused the National Association of Realtors (NAR) and major brokerages of conspiring to inflate commissions paid to buyer’s agents. Once approved by the federal court, this settlement will change the structure of real estate transactions that have been in place for decades. The Settlement and Its Significance On July 12, 2023, the NAR agreed to a $418 million settlement to…

Overview Smart home technology has become a pivotal selling point for new construction properties, as builders incorporate a range of home automation features designed to appeal to modern buyers. From intelligent lighting systems and voice-activated thermostats to security cameras and advanced climate control, smart technology has increasingly influenced the decision-making process for homebuyers. Builders such as Lennar and Pulte Homes have reported that homes with smart technology tend to sell faster and at higher prices compared to those without these features. The Rise of AI-Powered Smart Home Hubs A significant innovation in this space is the integration of AI-powered smart…

A surge in U.S. rental home construction could ease rent prices in the months ahead, providing a much-needed relief as the Federal Reserve continues its efforts to control inflation. However, tightening credit conditions are starting to slow down the apartment building boom. Apartment Construction Slows Amid Rate Hikes In June, groundbreaking on multifamily homes with more than five units – a common indicator for apartment construction – dropped by 11.6%, falling to 482,000 from a revised 545,000 starts in May, according to the Commerce Department. The slowdown comes as the Federal Reserve’s aggressive interest rate hikes have made financing large-scale…

On July 8, 2023, a report from the Luxury Real Estate Institute revealed a rapid expansion in the luxury rental market, as high-income renters increasingly seek flexible living arrangements that offer premium amenities and unmatched convenience. This shift in the rental market is driven by affluent individuals who prefer the luxury of top-tier living without the long-term commitment of homeownership. Key players in this sector, including affluent renters, property developers, real estate agents, and luxury rental platforms, are adapting to meet the growing demand for high-end, fully serviced rental properties. A significant moment in this trend was the rise in…

On July 15, 2023, a report from the U.S. Department of Housing and Urban Development (HUD) highlighted the growing urgency around affordable housing as home prices and rental rates continue to surge across the country. The key players driving this shift include affordable housing developers, local governments, community organizations, and low- and middle-income individuals and families, all of whom are pushing for more accessible living options in both urban and suburban markets. As housing costs reach unprecedented levels, the need for solutions that provide affordable, stable housing for a broader range of people has become more pressing than ever. A…

The AsRES-GCREC Joint International Real Estate Conference, held from July 13 to 16, 2023, at The Chinese University of Hong Kong in Shatin, Hong Kong, brought together a diverse range of academics, real estate professionals, and industry leaders from across the globe. With the joint efforts of the Asian Real Estate Society (AsRES), the Global Chinese Real Estate Congress (GCREC), and the Centre for Hospitality and Real Estate Research, the event served as a key platform for exchanging ideas, innovations, and research in the real estate sector. A Gathering of Global Minds in Real Estate Attracting participants from various regions,…

Overview AI-driven Automated Valuation Models (AVMs) have become a game-changer in the home appraisal industry, transforming the way property values are determined. Companies like Zillow and Redfin, which had long used AVMs, have increasingly integrated AI to enhance the accuracy and efficiency of property appraisals. These AI systems go beyond historical sales data, incorporating broader datasets such as macroeconomic trends, neighborhood analytics, and even social media sentiment to predict home values with remarkable precision. How AI-Enhanced AVMs Work One notable example of this technology is Redfin’s AI-enhanced AVM, launched on June 10, which incorporated factors like local school rankings, nearby…

In a groundbreaking development for both the retail and commercial real estate industries, Riverton Mall, a well-established retail giant, has signed an unprecedented 25-year lease for a remarkable 150,000 square feet of prime downtown space in the heart of Chicago’s Loop. This lease, which stands as one of the largest and most significant deals in the region over the last decade, signals a powerful shift in the evolving retail landscape. It also serves as a beacon of hope for urban commercial spaces that have faced the challenge of adapting to a rapidly changing retail environment. A Bold Move in a…