COVID-19 has prompted new trends in the property market in Spain. There has been a shift from sales to rentals as property sales are expected to drop.
We’ve identified five emerging trends in the rental market as a result of the pandemic situation. This paradigm shift will change the way people view their housing preferences even after the coronavirus situation is under control.
- Online bookings
- Technology
- Home prerequisites
- Migration outside city centre
- Traditional versus tourist rentals
COVID-19 property market trends:
1. Online bookings
Social interactions have been restricted by COVID-19, and an online presence of a real estate agency or property manager has become essential. Health and safety has become a priority both for the consumer and the provider and physical viewings of properties should be kept to a minimum. To facilitate the process of renting, companies who offer online booking services will probably do better than their counterparts as virtual tours and videos offer the same benefits while protecting both parties from unnecessary contact.
2. Technology
Technology has become indispensable to our work over the last year. With lockdown and the future being unpredictable, most companies have encouraged their employees to telework. In order to effectively work from home, a robust internet connection with high speed wifi is a prerequisite.
Dasha Living Space is founded on the pillars of technology, sustainability and comfort of the tenant. Not only do our apartments include high speed wifi, USB charging ports with energy efficient systems, but our platform and APP offer easy management of rental properties for tenants.
From online booking to documentation including contracts, bills and booking services, clients can manage everything to do with their apartment online.
3. Home prerequisites
If working from home has become standard, it is essential to have a dedicated space at home that is comfortable and separate from the main living area. Most people looking to rent now ask for an additional room to be used as a work area or study.
Outdoor space has also become a priority as lockdown made people realize the importance of having their own private area outside.
With this is mind, our new project at Dasha Living Space, which is due for completion in December 2020 offers a third room to be used as a study and each apartment has a terrace with the added advantage of providing a green backdrop with the terraces overlooking the Botanical Gardens.
4. Migration outside city centre
In addition to work spaces and outdoor areas, COVID-19 has prompted lifestyle changes as people opt to live outside the city centre. In any city, apartments in the city centre are not only pricier but also smaller.
With commuting becoming less of an issue, the current property market trend seems to indicate people are looking for apartments that offer outdoor spaces. Pandemic life is focused on privacy with greenery.
5. Traditional versus tourist rentals
With people traveling less with the COVID-19 pandemic, online vacation rentals like Airbnb have seen a drastic downturn. People who managed their vacation rentals through these platforms have now turned to traditional renting as a means to weather through the storm.
There has been a flux of properties entering in the rental market through platforms including Idealista, Spot-a-home etc. This in turn has led to the consumer becoming more discerning with the large supply of apartments available.
The silver lining is that quality of rental properties will improve as landlords who previously offered apartments not up to standard, will now have to focus on improving what they provide.
Conclusion
Our lifestyles have undergone a fundamental change as a result of the COVID-19 pandemic. People are finding balance between their work and home lives and choosing the right rental property will underlie this in coming months and years.