Updated: Jul 7, 2020
In less than eight weeks, Covid-19 has re-ordered virtually every industry in the world. But few more rapidly than real estate and development.
Now that hundreds of millions of people have gotten a new taste of how important “home” actually is—as a safe haven, a de facto schoolhouse, an impromptu remote office, and a forced, familial psychological petri dish—the spaces we live in, and more importantly what we demand of them, stand to look profoundly different in the post-coronavirus world.
Real estate development and architecture have always had a tail wags the dog relationship. Architects are paid to be visionaries and idea factories. But it’s often the developers who hire them that inspire the most transformative innovations. Long after the architects have moved on, they’re the ones who still answer to the customer, process feedback (and blowback), and are pushed continually to innovate and problem-solve.
In response to the Covid-19 pandemic, many of the world’s largest developers are rapidly rethinking their visions for the future of the built environment. Projects under construction are being re-designed on the fly. Floor plans are being redrawn. Cigar lounges with touchscreen humidors are being canned.
This top-down re-visioning of real estate will have an outsized, trickle-down impact on how we build, the materials we use, how we move and interact with one another in public and private places, and what ultimately “space” should be and do for years to come. So why isn’t anyone talking about it?
Because they are not ready or able to convince people that 4 bedrooms, 2 baths and 2 garages of 250 sq m of space are not required by every person looking to rent.
We have found that the smaller side (Auxiliary) of a Dual Key Property will rent far quicker than then larger side (Main) that is typically 3 to 4 bedroom, plus for close to the same price. People have found that cleaning, yard work and general chores are not where they want to spend their time, and the recent lockdown has proved this to them.
Call us at Positive Income Properties to discuss 2 rentals from 1 property that will deliver over 6% return, plus great tax incentives.