Rental Markets & The Recent Changes
Over the last few years, with uncertainty in just about every aspect of our lives, many people either returned to school or, if they were already in school, abandoning it. Many sold their houses and went to rentals and vice versa. Some closed their businesses and got a 9-5 elsewhere while others left the corporate workforce to start their own business.
All these changes to the workforce and housing markets have dramatically changed both the rental industry and that of the purchasing market on real estate, which is currently on a very high plateau. Houses are going for well over the asking price and far beyond the estimated values of insurers and adjusters alike. This issue has made it complicated to look for rentals if you are trying to move, whether it’s to start your own business or if you’re just looking to change the location of your business from an at-home one to a commercial property. And if you’re looking to bring your business to a whole new area, your family may need to move, too!
For those businesses looking to venture out into the fray of a retail location, it is imperative to find a location that is cost-effective and location-effective, as well, to maximize your sales with a fair overhead, so that you can make your business a profitable investment. For those looking more at the housing side of things, rentals have become a safety net in this uncertain housing market where the value of a house is half what you’ll likely end up paying.
With the market being so unpredictable, buying is out of the question for many entrepreneurs who are new to a market, because a house could cost double its value, which could hurt the profitability of your business in the first few years. If your business were to fail, the entire investment could be wasted. Renters looking for a living space, however, are in the same dilemma as they would be with purchasing a house– homes that should be within their budget are just not priced appropriately. These issues have led to a newer trend in rental demands to be multipurpose, with living and commercial rentals cohabiting the same locations.
Major cities already had these types of rentals readily in place for the sake of space and convenience in major metropolitan areas. However, we’re starting to see this in smaller cities and towns as a growing interest in the ease of amenity and more cost-effective systems. These shared buildings can offer options for those looking for one, the other, or both types of rentals. Places like this have begun to come forward in this market to fulfill the role of dual rental locations for their cities and communities, which can lessen the stress on would-be renters looking for places in any capacity.
