Low Housing Inventory Impacts Gen Z and Millennial Renters

February 15, 2023

Rise and shine! It's a new day and The Shaker is here to serve you the best mix of residential real estate news. Yummy yummy.

What you should know:

Redfin's recent report shows that younger generations, particularly Gen Z and Millennials, are struggling to find affordable housing due to the low inventory of homes for sale in the market.
As a result, many young adults are turning to renting, which is contributing to the growing demand for rental properties.
Real estate investors who are looking for off-market properties can benefit from exploring non-traditional investment opportunities, such as multifamily properties and short-term rentals.
Networking with other investors, agents, and property owners can help investors identify off-market properties that may be available for sale.
Investors can also use online databases and direct mail campaigns to find investment opportunities, but they must be prepared to act quickly to secure a property when the opportunity arises.

The Growing Trend of Office Conversions in NYC

Converting out-of-fashion office buildings into residential towers is becoming a popular trend in New York City's property development, thanks to a chronic shortage of housing and the rise of remote working.
Nathan Berman, who has completed 18 projects in this space, has become an unexpected expert in this field and is in high demand among fellow developers, lenders, and urban planners.
For investors, residential conversions are appealing due to the rising demand for rental apartments in New York City.
City officials are also promoting conversions as a way to address the housing shortage and have recommended tax incentives and zoning changes to hasten them.
The success of this initiative could transform areas like Midtown Manhattan, which have historically been corporate bastions, into residential areas.

Real estate investors who are looking for great investment opportunities can benefit from purchasing off-market properties that are not publicly listed for sale.
Building a strong network within the real estate industry can help investors find off-market properties that may be available for sale. Networking with other investors, agents, and property owners can help investors identify potential investment opportunities.
Direct mail campaigns can be an effective way to target property owners in specific areas and inquire about the potential sale of their property. This strategy involves sending letters to homeowners who may be interested in selling their properties.
Online databases can be used to find off-market properties that are in pre-foreclosure, have delinquent property taxes, or have recently expired listings. These databases can provide valuable information that can help investors identify investment opportunities.
Real estate investors who are interested in finding off-market properties should be prepared to act quickly when an opportunity arises. This requires having a solid understanding of the local real estate market, and being ready to move quickly to secure a property.

Co-living operator Hmlet has entered the hotel market with the debut of its first hotel property in Singapore, called The Collinson.
The property, located near Changi Airport, features 70 rooms and is designed to appeal to business travellers, digital nomads, and staycationers.
The Collinson will offer flexible lease terms and will provide guests with the opportunity to join Hmlet's larger community of co-living spaces across Asia-Pacific.
The move into the hotel market comes as Hmlet seeks to diversify its offerings and tap into the growing demand for flexible and alternative accommodation options.
Hmlet has plans to expand its hotel portfolio and aims to have 10 hotels in operation by the end of 2022.

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