To understand the hottest neighborhoods in NYC, first, you must know what makes one up-and-coming. It’s typically a combination of things, be it a boom in development, including local businesses and tax-funded renovations; cultural diversity, including arts and entertainment; or local government improvements, including policies and education. The trick is keeping your ear to the ground so you can listen for new developments before the jackhammer hits the ground.
If you’re looking for the next big thing, whether you’re a buyer, a renter, or an investor, read on for the top four up-and-coming neighborhoods in NYC.
Bushwick, Brooklyn is home to dozens of pop-up apartment buildings, and the trend is only growing. Investors are buying up lots and building contemporary spaces loaded with amenities. While the neighborhood is still growing, boutique bars and other businesses have come in to fill the gaps.
If you’re a renter, you’ll still get a place for quite a steal compared to other NYC apartments. Expect to pay around $2,000 for a one-bedroom apartment. The same goes for buying, with Bushwick home prices being substantially lower at an average of $842,011.
According to New York Magazine, Sunnyside’s, “Queens Boulevard, the area’s transportation, and retail spine, is lined with delis, bakeries, a trendy bar or two, fast food, and lots of ethnic restaurants.” All this at rates you aren’t likely to see in the NYC market – and local hotspots are still being built every day, including the recent addition of MoMA Queens. Purchase a Sunnyside home for an average of $554,200 or rent for around $1,785.
Gowanus is flowing like its canal with new luxury apartments. Gowanus offers investors the opportunity to renovate charming industrial buildings. As these new buildings pop up, rent becomes slightly more competitive than other Manhattan apartments. If you’re thinking of buying, you could get a better bargain. Currently, the average price of homes listed in Gowanus is $1,475,000, and the average price of homes being sold is $412,698. Rent is around $3,000. Gowanus is particularly appealing as a Brooklyn alternative for families seeking refuge from the younger, hipper demographic found in Bushwick.
The fire that fueled the Harlem Renaissance is still burning, and if anything its neighborhood history has rekindled the real estate for interested Manhattan residents. New York’s Newsday reports, “[…] the engine behind the community’s residential expansion is an onslaught of new stores and restaurants combined with its history, according to residents, experts, and business owners.”
Investors are drawn to aesthetically unique buildings. Average rent costs were lower than the NYC average at around $1,900. Renters and home buyers alike also see the value in the transformative community.
As Manhattan expands and transforms, investors, buyers, and renters can always expect an onslaught of popular real estate options. Are you interested in finding a home in an emerging area? Which up-and-coming neighborhood is on your radar? Share your thoughts in the comments below.