One of the widely agreed-on real estate trends of 2018 is the Rise of the 18-hour city. So, what is an 18-hour city, and what does it mean in real estate?
What is an 18-hour city?As the name implies, 18-hour cities fall between larger, 24-hour cities – cities that never sleep – like New York or other large metros - and smaller cities that operate on a more traditional 9-to-5 schedule. 18-hour cities are typically quiet between midnight and 6 a.m., and combine the best of both worlds. It’s having the amenities of a big city with a smaller-town feel.
Why do 18-hour cities matter in Real Estate?18-hour cities are a great bet when it comes to making a return on your investment. A larger city, in order to support the density and meet the demands of a 24-hour community, is typically an already saturated market that may be hard or expensive to enter. 18-hour cities have lower barriers to entry while still having outstanding offerings that make people want to live there. Potential workers are drawn to these markets, and employers are drawn to the quality of the workforce and the lower cost of doing business. 18-hour cities are in that “sweet spot.”
Investing DowntownMany successful 18-hour cities are those that have successfully redeveloped, or are successfully redeveloping their downtown cores. When downtown areas are revitalized and housing, shopping and entertainment options upgraded and updated, a key demographic of more affluent young professionals are attracted to the area. These individuals are looking for amenities similar to a 24-hour city with a lower cost of living. This catalyst for transformation and interest in an area is what makes it attractive for real estate purchases and investing. Those with the best job markets are the strongest and most promising.
South Florida 18-Hour CitiesDoes all of this sound familiar? In South Florida, cities like Fort Lauderdale and West Palm Beach, as well as many nearby suburbs, fall in to that magic 18-hour city zone. They have experienced urban renewal and are on track for continued growth.
If you’re interested in buying or selling anywhere in South Florida, contact my team today!