18-Hour Cities Are the Real Deal this Year
These cities are often labeled as “second-tier”. But they might not be coming second for long. When it comes to real estate, these cities have become the center of attraction. According to The Emerging Trends in Real Estate 2016, it is anticipated that from now on-wards more real estate action is going to take place in these cities and the agents there must keep a sharp eye on the coming opportunities.
The Rising:
The term 18-hour city is defined as any city with a population range between 300,000 to less than 1 million. These cities harbor both similarities and differences from the regular 24/7 cities. They consist of all the facilities of a large city but do not operate like them i.e. the people there don’t hustle 24/7. To them, midnight is the line which they don’t cross. These cities possess more economic prowess and offer better jobs with less hectic routines. They have an urban life-style and as a result more millennial home buyers like moving there, hence the surge in real estate.
18-hour cities have become hubs for both job and economic growth. As a result, they are seeing a surge in population of both younger Millennial-types and older buyers, both of whom want an affordable urban lifestyle.
Opportunities and living:
The Millennial buyer today is divided on two basic fronts: one of them wants to stay up 24/7 and hustle their way to the top. While the other wants to relax and seek superficial things other than money or enormous careers. So, if a buyer wants the excitement and facilities Like Boston, LA, New York, and San Francisco—but without the price tag—18-hour cities such as Raleigh-Durham, Austin, Denver, Portland, and Nashville fit the bill.
Most of these cities have a fully up-to-date downtown and night-life is offered in some 18-hour cities on weekends (not all). Moreover, these cities have an overall low cost of living and high paying jobs. Similarly, the cost of conducting business there is also very low (almost same as the 9-5 cities), this low running cost has resulted in the influx of more capital in them and hence the new opportunities.
Real estate demand in 18-hour cities
Because of the many benefits of these cities, a surge in real estate investment has been observed. As the economy of these cities is being boasted trough lower costs, more and more cash flow is coming to these cities. At this rate, there will come a time where investing in 18-hour cities would be as tough as investing in any 24/7 city. Now it is your time to step the pedal; and advise your clients to invest in these cities. In fact, according to Urban Land Magazine eight of the top ten favorable cities for real estate investment and development this year are 18-hour cities, and they have officially moved from “secondary” status to a top priority for investors and developers.