Single-Family Homes May Be the Smart Investment Amid the Covid-19 Crisis
The coronavirus pandemic has caused a great many Americans to reconsider their current lifestyle, and to think about abandoning metropolitan areas in favor of suburban settings. This is easy to understand, given the fact that the more densely populated metro areas provide far greater opportunity for coming into contact with infected individuals. A recent poll conducted among metropolitan dwellers found that approximately 33% were considering a move to somewhere less populated. That has given rise to soaring interest in single-family dwellings in areas outside major cities.
Desire for privacy
Many people living in major cities have come to the realization that having more space and privacy is highly desirable during the current state of affairs. That has made single-family homes one of the hottest investments on the market. In the six weeks following March 15th of this year, the number of New York City residents who abandoned the metro area in favor of quieter residence in Connecticut leapt by 74% over the prior year. Nearby suburban communities have literally been flooded with New Yorkers who have deemed it advisable to abandon the city.
Appeal of single-family homes
Having a single-family home provides much more flexibility to dwellers, since there are no building restrictions, and far less risk of coming into contact with infected individuals. There are no board members dictating terms of lifestyle to you, and there is no social distancing being imposed on your family in your own home. Industry experts who monitor rentals of single-family homes have found that these rentals are literally off the charts, with thousands of people seeking more advantageous living circumstances.
The appeal of single-family homes as investment opportunities is expected to continue long past the crisis of coronavirus. Demand for single-family homes was high even before the pandemic struck, and with buying and selling having slowed down to a trickle, there is likely to be considerable built up demand when the pandemic is resolved.
Big city apartment complexes and condos have major restrictions imposed on them right now in terms of services offered and visitors allowed, and this too is increasing the perceived appeal of single-family dwellings, where no such restrictions are in place. Interviews with hundreds of millennials have discovered that they’re interested in having the space, but don’t really want the responsibility of owning their own homes, because of the long-term uncertainty.
All this serves to increase the appeal of renting a single-family home, and that’s what makes it such a good investment opportunity for real estate buyers now. The same principles are at work all over this country, from the deep South of Florida, to the huge metro areas of the Northeast, and all the way out to the West Coast in California.
Which single-family homes are best?
When you’re thinking about the specific type of single-family home to invest in, you should consider exactly what it is that appeals to renters during the time of coronavirus. Many renters of high-end single-family homes are looking for dwellings which have private pools or which have considerable space available for their families to enjoy being outdoors.
Dwellings which have office space, so that workers can remotely fulfill job requirements, are also in great demand. Another big appeal right now is for single-family homes which are situated in gated communities, because they provide extra security and peace of mind. If there is one thing that the coronavirus pandemic has etched into the minds of working-class individuals, it’s that life carries a great deal of uncertainty, so security has become uppermost in the minds of many renters of single-family homes.