Driverless Technology Expected to Transform the Real Estate Market
Experts estimate that driverless cars and other autonomous vehicles will be commonplace within a decade or so. This will not only permanently alter the transportation industry, but it will also revolutionize real estate.
A report published by independent think tank RethinkX concludes that using pay-per-ride driverless transportation services will quickly become much cheaper than car ownership. With more companies and fewer citizens owning vehicles, the need for parking will decrease dramatically, freeing up millions of acres of real estate for development across the US.
Additionally, as travel becomes less cumbersome, commuters may decide to live further from work, causing sprawl and decreasing property values near jobs and transportation hubs. These potential changes are keeping the real estate industry on its toes.