The term “surban” is a combination of “suburb” and “urban” – a word that aptly captures what many believe will the future trend in real estate. Broadly defined, a surban is a suburban community infused with the amenities and conveniences that make urban neighborhoods highly desirable.
The creation of surbans is largely brought about by the invigoration of suburban downtowns through mixed-use properties. Combining residential, commercial, and retail spaces, mixed-use properties offer an environment that allows people to walk from their homes to offices and to the nearest shops and restaurants. These developments provide comfort, convenience, and a healthier lifestyle.
The rise of surbans is seen as the result of several factors:
- Rising housing costs in big cities More and more people are looking for alternatives to living in big cities because of the increasing costs in these urban areas. This has been the trend in most metropolitan areas like Chicago, making it difficult for many residents to afford buying or renting a home.
Suburban areas offer more affordable options. What you pay in rent in stylish Chicago neighborhoods like Lincoln Park and Bucktown, for example, can be higher than the monthly mortgage payment for a home in Elmhurst or Schaumburg.
- Rise in the number of renters A 2016 report by the Urban Land Institute says that more people will be renting in the future. The renting surge will be led by what the ULI calls the “sharers,” a demographic group composed of those born between 1980 and 1989 that tend to de-emphasize ownership. They will be joined by a growing number of retirees who are expected to make the switch from owning to renting as their children leave the nest.
With more people looking for properties to rent, they’re expected to turn to suburban mixed-use developments for affordable and convenient housing options.
- Offices will return to suburbs As millennials become increasingly dominant in the job market and move on to become managers, they will want to bring the work closer to where they live with their young families – and that would most likely be the suburbs. Suburban communities, after all, offer a more family-friendly environment than urban centers, with their abundance of schools and open spaces.
The increasing number of women workers is also seen to support the trend of moving the workplace to family-oriented suburban neighborhoods. Likewise, with more people working from home or anywhere with internet access, distance to offices has become less of a concern, making a longer commute to work less of a factor in choosing residences.
- Local governments are redefining downtown areas Municipalities have been playing an active role in redefining local downtown areas, and this trend is seen to continue as the demand for suburban housing keeps on rising. Local governments have been implementing new and dynamic zoning regulations to pave the way for increasingly popular mixed-use, pedestrian-friendly developments.