Millennials Focus on Dog-Friendly Properties When Renting – What This Could Mean for Your Real Estate Portfolio

Illinois real estate lawyersIf you want to win over the millennial generation and expand your real estate portfolio, it may be time to let your properties go to the dogs – literally. Recent surveys indicate that this generation is  not looking for design features or your typical amenities when deciding where to rent or buy. Instead, they are focused on finding a home that caters to their furry friends. Learn how you can better cater to this generation by adding more dog-friendly amenities, and discover how a seasoned real estate lawyer can help you to further expand your real estate portfolio to secure a better, healthier financial future. 

Real Estate Has Gone to the Dogs

The millennial generation has finally reached the age where they are not just renting, but also purchasing homes. The reason is not to start a family, however. Instead, millennials are looking to give their dogs the best life possible. In fact, one survey found that 33 percent of the millennials who purchased a home did so because of their pets, which outranked marriage (25 percent) and the possibility of a child (19 percent). Another 42 percent of millennials who do not yet own homes say they are planning to eventually purchase one to accommodate a dog.

Amenities for their pets, such as a fence or room to roam (such as at a nearby dog park) are also some of the biggest factors that millennials use to determine which home they will rent or buy. Millennials are also far more likely to purchase a home with “luxury” pet features, such as a dog washing station or a nearby, upscale dog park, than other generations. 

Winning Over the Millennial Generation in Real Estate

Dog-owning millennials have to think about more than just location and amenities when purchasing or renting a home. Homeowner associations (HOAs), renters’ and homeowners’ insurance restrictions, and other aspects of renting and home ownership can also limit where they live. As such, developers are highly encouraged to do more than just offer amenities to pet owners; understand what sort of policies that your potential buyers or renters might be facing and try to mitigate them whenever possible. For example, if your rental property’s insurance does not cover certain dog breeds, you might consider shopping around for other policies that are less restrictive so that you can open your home to more renters in the millennial generation. 

Contact Our Wheaton Real Estate Lawyers

Whether you are looking to purchase a new property, upgrade your existing one, or simply want to know more about expanding your portfolio so that it appeals more to the millennial generation, contact Stock, Carlson, Oldfield & McGrath, LLC for help. Committed to being the law firm you can trust, our DuPage County real estate lawyers have over 40 years of experience, and we will protect your interests at every turn. Call 630-665-2500 to schedule your consultation.

Sources:

https://www.cnbc.com/video/2018/08/31/millennials-and-dog-driven-real-estate.html

https://www.nbcnews.com/business/real-estate/one-big-reason-millennials-are-buying-homes-their-dogs-n790921

Student Housing Market is Growing – What You Need to Know Before Investing in It

DuPage County real estate lawyersThinking of expanding your investment portfolio this fall? Student housing saw a 10 percent increase in value over the past year, even as several other commercial real estate (CRE) sectors experienced a decline. The student housing market is also projected to continue in an upward trend over the next several years. Learn more about how to invest this growing market, and discover how a seasoned real estate lawyer can help you make the first steps. 

Why Invest in Student Housing? 

Student housing is unlike any other CRE sector. It tends to be less volatile since students typically continue to enroll in college, despite (and sometimes because of) economic downturns. Another major advantage to this market is that students typically only sign year-long leases, so landlords can analyze the market each year and increase their rental rates accordingly. Since the rent costs are typically shared between roommates, landlords can also typically charge more per square foot in a student housing unit – especially if they are in a highly desirable location. Lease renewals may also be easier to obtain in areas nearest to campus since students often know well in advance whether they will be returning the following year. 

Student Housing Landlords Face Unique Challenges

Although there are many potential benefits to investing in student housing, landlords who invest in this market often face some unique challenges. While rent may be paid by the student’s parents (which often means consistent, timely payments), there are students who rely on financial aid for their housing needs. As such, the landlord may need to accommodate a tenant who pays their rent on a quarterly basis. Students may also return home for the summer, so they may not sign a full year lease, so landlords often need to prepare for a lag in the summer months. 

Maturing adults may also struggle with certain tenant issues, like calling in to let the landlord know that there is a leak. There could also be issues with noise disturbances with certain students. Landlords can attempt to mitigate these issues by being patient but firm about their expectations for student tenants. 

Breaking Into the Student Housing Market

Whether you want to take a hands-off approach to student housing and invest in an REIT or wish to purchase and rent student housing on your own, it is important to have seasoned legal assistance. With more than 40 years of legal experience, Stock, Carlson, Oldfield & McGrath, LLC can help protect your investment and advise you of your options in the student housing market. Call 630-665-2500 and schedule your personalized consultation with our DuPage County real estate lawyers to learn more.
Sources:

https://money.usnews.com/investing/real-estate-investments/articles/2018-08-10/take-a-crash-course-in-student-housing-investments

https://www.forbes.com/sites/bisnow/2017/07/10/these-two-public-reits-are-making-a-killing-in-student-housing/#46c6ed985eff

https://www.wsj.com/articles/u-s-commercial-property-values-surge-in-niche-sectors-1531825204

 

Women Face Unique Challenges in the CRE Market

DuPage County real estate lawyersAlthough great strides have been made in achieving gender equality in America, women continue to face significant challenges in the commercial real estate market. In fact, studies show that women are still making less than their male counterparts, even though they are doing the same work. Learn how you can overcome the issues you are facing in the CRE market, and discover how a seasoned attorney can assist you in the process. 

Gender Equality Issues in the CRE Market

In a study published by RETS, a commercial real estate recruitment and staffing firm, 618 women in entry- to senior-level CRE market positions revealed their biggest concerns. A startling 87.2 percent said they are concerned about the lack of equal pay, and 65 percent said they had learned that a male counterpart made more than them. Of those, 75 percent claimed they had heard on two or more occasions that a male agent made more than them. 

Advancement opportunities were another great concern. In fact, 79.2 percent said they felt they did not have any advancement opportunities within their company, and 61 percent said they felt they had been passed up for an advancement opportunity. Of those women, 85 percent said it had happened on more than one occasion. Additionally, 79.1 percent of women said they did not feel that their opinions were as valued as their male counterparts. 

Overcoming Challenges in the CRE Market 

While there is little that women can do about the gender gaps in the CRE market, there are measures they can take to ensure their opinions are valued, and that they receive the best possible  chances at advancement. First and foremost, women need to speak out when they feel they are being discriminated against over gender. Second, know where to find assistance if you feel you are facing gender discrimination in the workplace, as this is against the law. Lastly, women are encouraged to utilize the resources that are available to them, such as the aid of a lawyer when growing their portfolios. 

Contact Our DuPage County Real Estate Attorneys

The CRE market is one of the leading employers in the nation, which means there are many women who could be at a disadvantage on the job. Stock, Carlson, Oldfield & McGrath, LLC advocates for these women to ensure their rights are protected, and we assist them in making sound investment decisions so they can grow and expand their wealth. Discover how our seasoned DuPage County real estate attorneys can assist you. Call 630-665-2500 and schedule a personalized consultation with us today. 

Source:

https://www.entrepreneur.com/article/316015