5G is expected to have a major impact on the way we live, where we live and how we operate our businesses in real estate. With increased speeds, lower latency, and broader access, 5G will change the connectivity landscape. 5G will lead to the development of innovative technology that will power our future and increase our ability to effectively interact as a society.
The Evolution of 5G
The next generation of wireless internet, 5G, is in full swing. Verizon, AT&T and T-Mobile are pushing 5G as a huge opportunity to expand connectivity and applications for our lives and businesses.
Internet speeds will increase by two hundred times the previous generation (4G) and latency (the time it takes for data to pass from one point to another) will significantly decrease. This will position products and services in spaces like telehealth, autonomous vehicles, the metaverse and general use of data in artificial intelligence to provide increased value to our lives.
As we recognize the capabilities of 5G, it's becoming more evident that this new technology will be a game changer for many industries. Think about the experience of rideshare businesses such as Lyft and Uber. Without 4G, those rideshare apps would have been unusable, and those companies may not have the adoption we see today. Just like we saw with 4G, there will be new applications and experiences with 5G as the foundation. Some that we may not have thought of yet, and certainly ones that will impact real estate.
Potential Impacts of 5G in Real Estate
Here are just a few ways that 5G is likely to change the real estate industry:
- Increased speed and reliability will provide more options for people to live where they want while staying connected. This could lead to a change in “hot” markets and access in new markets, for example rural areas.
- Greater bandwidth will allow for more sophisticated virtual real estate applications, such as virtual tours with integrated augmented and virtual reality to customize the home for the potential buyer in real time.
- As mentioned in the REALTOR® Magazine Article, “Behind the Hype: What 5G Means for Real Estate,” better connectivity in smart home and building devices to improve the user experience.