The Real Estate Industry is Bringing Wellness to Your Doorstep
FirstService Residential featured in 2024 trends around wellness at homeWhen you think of “wellness,” real estate may not be the first (or second… or 12th) thing that comes to mind—but that may soon change as residential real estate experiences a health overhaul. In 2024 and beyond, the concept of wellness at home will be a driving factor in the way houses and apartments are built and renovated, thanks to a growing understanding among buyers and renters that our living environment impacts our overall health.
As of 2022 (the latest report available), the wellness real estate market was valued at nearly $400 billion, according to the Global Wellness Institute (GWI), which defines wellness real estate as “homes that are proactively designed and built to support the holistic health of their residents” and held a dedicated symposium on the topic in May. Looking ahead, GWI predicts that the wellness real estate market will grow at a compound annual growth rate (CAGR) of 17.4 percent to reach more than $887 billion by 2027. Currently, the U.S. has the largest market share of any country in the world.
In a lot of ways, the desire to dwell in a space that’s as supportive of you feeling your best is a natural extension of the increasingly mainstream interest in holistic health. “Food and beverage went through this over the last 15, 20 years where people all of a sudden knew what non-GMO foods were, what organic foods were—and we’re at the very beginning of that trend with wellness real estate,” says Landy F. Labadie, vice president of community solutions for FirstService Residential, one of the largest property management companies in North America.
Indeed, data shows that people are more steadily looking to their homes as spaces to enhance their well-being. In a 2023 healthy home survey of nearly 1,300 homeowners and renters of single-family homes conducted by real estate market research firm John Burns Research & Consulting, 95 percent of respondents said they believe their home impacts their health, and 73 percent said their health will be a deciding factor when choosing their next home.
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