Is NYC Still Ideal for RE Investors?

So, what's new in the New York City real estate market?

?

Aside from the fact that buyers and renters are struggling with finding living spaces, they can afford, a large swathe of commercial spaces in Manhattan remain vacant.?

?

The popularity of remote work coupled with interest rate hikes and inflation are causing prices and rent to skyrocket.?

?

But despite these issues, real estate investors remain steadfast in choosing the Big Apple as a top wealth-building destination.

?

Let's look at a few reasons why:

?

Healthy Population Growth

The pandemic took a toll on the city. At a time when business closures were widespread, many residents decided to escape the city in favor of suburban and rural areas. Now that the health crisis seems to have subsided, people are flooding back even as real estate prices and rent have skyrocketed.?

?

NYC's population remains higher than national averages and the metro isn't short when it comes to the demand for comfortable living spaces. As a matter of fact, an?article on Forbes.com?reported that sales in the luxury sector remained strong amid market uncertainty in the first quarter of this year. The same goes for the rental market where demand is healthy despite a lack in the supply of available units.?

?

We can owe it all to NYC's massive population that offers investors profitable opportunities across various asset types.?

?

Strong Rent Fundamentals

You might think that higher rent will discourage New Yorkers from putting their apartment hunting on hold, but the opposite happened this year.?

?

As Manhattan saw?record rent increases?driven by strong demand coming from priced-out buyers, investors are turning to neighborhoods in Brooklyn and Queens where renters are flooding in.

?

With that being said, demand among renters remains regardless of where you look. If you are planning to add a condo or townhouse to your portfolio, you won't have to worry about finding tenants to keep the cash flow stable.

?

More-than-Ideal Neighborhoods

Aside from the population, NYC is still a dream city for many. Notwithstanding the high cost of living, the Big Apple still offers an ample mix of cultural hotspots, green spaces, and commercial centers. Added to that are the numerous developments being planned throughout the city.

?

This is also the reason why many from the West Coast are setting their sights on NYC. Last year,?Bay Area residents?were moving in droves to start a new life in Manhattan and Brooklyn. And that's not all.?Big Tech companies?are also cashing in on the Big Apple. with Facebook and Amazon looking to establish a foothold.?

?

Considering all these factors, NYC remains to be an ideal destination for real estate investors looking for their next big acquisition.

?

If you are looking to expand your portfolio, NYC might be a good option - but only if you get valuable advice from an experienced real estate professional.

?

Let's connect. With my extensive network of property owners, I can show you a few listings in ideal neighborhoods that match your goals.?

?

?

?Call me at?917-627-5677?or send an email to?[email protected]?

?

?

Talk soon,?

Eli