As professional Alabama rental managers, we like to keep ahead of the latest trends in real estate and home construction. Homebuilding in particular is telling because trends in new single-family homes invariably impact renting, because those homes can wind up as single-family rentals. Thus, knowing what is popular in one area can affect the other. The National Association of Home Builders recently released the results of a survey conducted of American home builders and shared its insight about what trends are hot in single-family home construction today. One major trend: homes are getting bigger. The average home size grew from 2,362 square feet to 2,679 square feet over the past four years. Home builders are also building homes with more bedrooms. Almost half – 48 percent – of all new homes built in 2013 had at least four bedrooms. The same trend applies to bathrooms and garages. The three-car garage is quickly becoming a hot commodity in the market. Since many buyers are still looking to rent versus buy, you can expect a greater interest in larger, more spacious single-family homes with more bedrooms and larger garages. Also, according to the survey, walk-in closets are a desired feature, along with varied features such as granite countertops, double-sinks, central islands, porches, and exterior lighting. Another big trend in rental homes is energy efficiency. More homes will be built with energy efficient ENERGYSTAR-rated window, appliances, and programmable thermostats. This has been a developing trend for years now and will continue to play a role. And technology, especially remote-access, automated technology, will continue to be a trend in new home construction that will spill over into rental homes. Look to renters who have more money to spend on rent and expect more amenities and larger spaces in their rental homes.
Matthew is the CEO of Evernest. He is a student of the book Good to Great and is passionate about building the best property management company on the planet (and maybe even the universe if Elon Musk will hurry up). You can usually find Matthew at the baseball field with his son, at a dance recital with his daughter, or at his favorite restaurant with his wife, when he’s not in the office. And if you can’t find him in any of those places, it probably means he’s traveling.