California residents who own residential property may be interested in accommodating a growing tenant market. An app launching in the fall of 2017 is planning on pairing up young people, like millennials and college students, with older homeowners. In addition to helping the owners find new tenants to fill their available rooms, the app is combating rising home prices that are excluding many younger individuals from ownership.
There are several other programs that provide similar functions across the U.S. Commercial properties like senior living facilities have also begun to cater to millennials who require temporary residences. Part of the impetus for such trends is the fact that the nation is facing an ongoing deficit of housing in the low- and mid-price ranges. Many developers are responding to higher construction costs by seeking opportunities to upgrade older properties and render them more attractive since luxury apartments aren't affordable for working-class citizens.
One interesting aspect of the app-based approach is that it allows homeowners and potential tenants to communicate with each other and make arrangements in advance. The parties can discuss preliminary terms before they actually meet.
Real estate owners who want to maintain profitable properties need to adapt to market trends and changing tenant desires. Traditional business models might fail to provide the same returns they once did, and investors who acquire assets must update their legal strategies in kind. Residential real estate owners who want to take advantage of this type of market may want to meet with an attorney to see what type of lease agreement would be appropriate.