Sustainability Trends That Will Shape the Real Estate Industry in 2024 and Beyond
Over the last couple of years, our society made some pretty big steps in the sustainable direction with environmental and green topics scoring historically high interest. That is, by all means, a good thing, keeping in mind we are getting signs that our old practices and worldviews are nearing their breaking point on an increasingly frequent basis.
However, it would be hard to ignore that sustainable practices are also capable of producing some tremendous financial benefits. That is the reason why they built themselves into the core of the present-day business world so quickly.
In these regards, the real estate industry is really no different.
So, with sustainability quickly becoming one of its main driving forces, let us see in which direction this market will move, shaped by sustainable requirements and trends.
An increasing emphasis on energy efficiency
Ever since the outbreak of COVID-19 energy prices all around the world were rising at a rampant rate. Keeping in mind the ongoing European crisis and the declining supply of fossil fuel this trend will stay with us for quite some time.
So, expect to see the current struggle to make our homes more energy-efficient to pick up even more steam in years to come. This trend should be additionally fueled by the lightning-fast development of smart homes and IoT tech. When put together these two forces will give birth to far less wasted energy but also a much more convenient living experience.
The return of minimalistic design
This is not the only interior design trend that is staging a comeback – we are also experiencing a small mid-century, and open floor plan renaissance as well. But, speaking in terms of sustainability, minimalistic design is heavily informed by the idea that “less is more” is, by far, the most important. What kind of less are we exactly talking about? Well, less furniture containing VOC components. Less clutter that turns to waste. Less indoor pieces that need to be cleaned, and vacuumed. The idea that these changes make a big difference may sound silly but never underestimate cumulative effects.
Sustainability requirements conquering new grounds
This gradual transition from novelty to new market standards is usually closely tied to financial and urban development. You can take a look at Jacksonville as an example. This city is quickly developing into a fintech and financial service powerhouse. So, if you are looking for apartments for rent in that area, you will see the growing presence of sustainable practices and concepts. But, the good news is that the number of these niche business hubs is growing. As a result, we will see the real estate market keeping up the pace with the new tenants that are more tech-savvy and sustainably focused.
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Greater utilization of renewable energy sources
Renewable energy sources like solar panels, wind turbines, and geothermal systems are still out of reach for a large majority of middle-class buyers. Be that as it may, we can’t blame governments from all around the world for the lack of trying to push these technologies into the mainstream. For instance, in some parts of the UK, living near a wind farm can give you a discount of up to 50% on your energy bills.
These kinds of perks and greater utilization of renewable energy can completely change the dynamic of local markets and give them new value. And these technologies will eventually break through.
A more sustainable construction process
Sustainability can’t be fully achieved through simple remodeling and upgrades. The buildings that truly want to get this label on the competitive real estate market need to be created with these ideas built into their very core.
Fortunately, the number of sustainable design and building practices is on a constant rise and now envelops a broad array of mentions ranging from fully prepared BIM models to sustainable and eco-friendly building materials. All these things make building and real estate industries leaner, faster, and more competitive. Of course, always to the benefit of the end user.
Water preservation and management
Water is one of the most valuable resources on our planet. Well, the source of everything alive is finally getting its well-deserved attention in terms of conservation and better management. As a matter of fact, water preservation systems ranging from low-flow faucets and toilets to more robust solutions like rainwater and greywater harvesting systems are becoming increasingly important real estate deciding factors. Once again, this growing popularity is also motivated by financial perks. Successful water management can trim your bills by 90% which is not something easy to ignore.
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Green roofs and vertical gardens
This trend is still at its very inception but expect to see green roofs, vertical gardens, and other ideas that combine urban living with traditionally rural benefits picking up steam in the following years. The benefits are simply too numerous to ignore. Vertical gardens and green roofs make living spaces more hospitable, improve insulation, and have a very positive influence on residents’ health. Small scale urban farming is also experiencing massive growth, so we can see these ideas pushed to the smallest possible scale. These inclusions can completely change the appeal of some properties.
The growing need for standardization and certification
For the very end, we can summarize that the growing popularity of sustainable concepts is pushing the real estate industry in all sorts of different directions. So, assessing just how some technology, upgrades, or trends sustainable actually are, becomes increasingly hard. Well, some steps are being made to put these ideas into a more measurable and easy-to-understand context. We are talking primarily about Energy Star and LEED (Leadership in Energy and Environmental Design) ratings. As the number of sustainable solutions keeps growing we will need new, more encompassing ratings as well.
Wrapping-up
Well, we hope these couple of mentions will give you a better idea about the direction sustainable tendencies of modern society will keep pushing the real estate industry in years to come. One thing is for sure, though – sustainability is not only a passing trend. And, as our already limited resources keep straining, the necessity for making our houses more optimized and economical will become even more pronounced. The developers, builders, agents, and landlords who realize this fact sooner will definitely have a better shot of climbing to the top of the food chain.
Author Bio: Marie Nieves is a passionate blogger with an eye for design, a flair for storytelling, and a love for culture. She contributes regularly to various blogs and online magazines, all while satisfying her wanderlust by exploring states and countries near and far.
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