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| Image Source: bettercities.net |
In the 1970s, people were buying and renting in the suburbs. Millenials today are eschewing the subdivisions where their parents grew up in favor of WalkUPs.
"WalkUPs" is short for "walkable urban places." In the past, people who lived in the suburbs had to drive to the city or town center in order to work, go to school, or shop. In contrast, WalkUPs have residential areas, workplaces, retail centers, shops, community centers, and restaurants grouped closely and within walking distance of each other.
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| Image Source: bettercities.net |
In a report from the Center for Real Estate and Urban Analysis at the George Washington University School of Business, researchers ranked cities according to their "walkability," with Washington, D.C., New York, and Boston at the top of the list. According to the researchers, WalkUp development might dominate the real estate industry in more cities in the future. Research shows that walkability is a driving factor in residential real estate purchase by young buyers.
The report also cites some impressive figures: rent per square foot in walkable urban places is 74 percent higher than that in traditional suburban areas. According to the report's researchers, Miami, Denver, Detroit, Atlanta, and Los Angeles are poised to become future centers of walkable real estate development.
The rise of property prices is due to simple economics: there's a lot of unmet demand from millenials and others seeking to take advantage of the conveniences of living and working in a WalkUP. Strategic development of walkable urban places might be a good solution, as experts believe that WalkUPs are fast replacing traditional car-dependent suburban areas as the most desired places to live, work, and play in.
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| Image Source: cooltownstudios.com |
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