RELOCATION TRENDS for Young Professionals
The above impacting factors are directly, or indirectly, leading to these trends in relocation for Early Talent.
Trend 1: High Reliance on Colleague Networks, Less Reliance on Real Estate Professional
Young professionals put the highest degree of importance for information on their relationships with other colleagues and friends. If a real estate professional is assigned to assist in relocation, there might be a perceived gap of knowledge or conflict about which areas of town are the best, with advice of colleagues weighing more heavily.
Trend 2: Strengthening Reliance on Online Ratings as Information Source
When presented with choices and information about particular residences to choose from, if no known colleagues are present for “first hand” information, ratings of the residence become the most important information source of objective information to guide in a decision. There are 2 primary sources for this rating information: YELP and ApartmentRatings.com There are also regional sites that provide more in depth information as well, but are not used as often.
Trend 3: Online Leasing on the Rise & Touring NOT Needed
The traditional model of view options, tour in person and then sign a lease is dying, at least in states that have a proliferation of apartment buildings (vs. a high percentage of individually owned units). This is due to the ease of applying for a residence that is now present in most apartment sites, along with the better information now provided (photos, etc.). If Early Talent has enough information from a web site, along with the above mentioned colleague info and online ratings, they are more than comfortable applying for a residence and even leasing site unseen. When presented with the option of choosing between spending money and time to tour potential residences, vs. saving that money/time and finishing up school, etc., Early Talent tends to choose the second option by making their decision online. Touring (including being accompanied by a real estate professional) is being perceived as less and less important to the Early Talent relocation process.
Trend 4: Roommate Matching Increasing in Popularity
The online roommate matching model has caught up to colleges. Leading colleges now offer a relocation software for students to match up for rooming for on campus housing (dorms, etc.). Students are now becoming used to this software, and have a favorable attitude towards using a similar technology for their relocation experience.
Trend 5: Proliferation of “Hot Spot Living”
For an urban move, relocating professionals now tend to overwhelmingly choose to live in “Hot Spot Areas”. These are areas that tend to feature above all the ability to WALK to all of the needs of life as much as possible, including entertainment, social avenues, groceries and public transportation that leads to work. In some cases, cities already well developed areas several decades old that serve this purpose. However, in other cities, these areas have recently developed and are being enhanced by city planners to serve the needs of a young professional class. Early Talent will tend to choose a Hot Spot a large majority of the time to facilitate convenience and easier peer social connectivity.
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