From Its Excellent Housing Options to Cool, Up-and-coming Vibe, Explore What Makes Brooklyn Such a Great Investment
While Manhattan has long been a popular choice for real estate investors interested in buying into the New York City market, Brooklyn is fast becoming another solid option. Filled with so-hip-it-hurts neighborhoods (Williamsburg, anyone?) as well as up-and-coming treasures (like Clinton Hill), Brooklyn offers a mix of entertainment, convenience, and comfort. If you’ve been toying around with the idea of buying a property in Brooklyn, here are three reasons that just might convince you to start the process.
It’s the Second Most Desirable U.S. Market for Property Investment
According to the 2019 Emerging Trends in Real Estate report by PwC and the Urban Land Institute, Brooklyn is the second most desirable neighborhood for real estate investors in the country. Brooklyn made the list for the first time in the report’s 40-year history, beating out other popular cities such as Orlando, Nashville, Austin, Boston, and Denver for the spot. Brooklyn’s newfound popularity is buoyed in part by the fact that it is less expensive than Manhattan (which ranked a distant 32nd on the list), and also because it is more accessible to tech startups and younger workers. The borough’s prominent placement on the list is a reassuring sign that investing in Brooklyn real estate is a solid bet.
It’s a Housing Hot Spot
Though New York City’s real estate market has been slowly cooling, Brooklyn has remained fairly consistent. Rent increased by 3% year over year
, and real estate experts believe that trend will continue due to strong demand. As the frenetic pace (and high price tag) of Manhattan real estate has caused many Manhattanites to look elsewhere, Brooklyn has become a popular option. Developers are building high-end new condos in hot spots like Williamsburg and Dumbo, but less expensive properties can still be snagged in up-and-coming areas like Clinton Hill, Flatbush, and Bay Ridge. The latter neighborhoods are well worth looking into for any would-be real estate investors who want to buy into Brooklyn without paying tip-top prices.
It’s a Trendy Destination
In the past, people moved to Brooklyn for cheaper rent and shorter commute times. Today, however, it is a destination in its own rite. From trendy rooftop bars to distinguished art galleries to buzzy new restaurants, Brooklyn has become a see-and-be-seen borough—and that bodes well for return on investment potential. With plenty of boutiques, restaurants, and parks, residents won’t have to go far to be close to the heart of the action.
If you’re interested in purchasing an investment property in Brooklyn, contact Evan Duby
today. As a Brooklyn-based Realtor®, Evan has extensive knowledge of the Brooklyn real estate market and can answer any questions you may have as you look at local listings. Whether you’re looking for apartments or homes for sale in New York City, Evan will guide you through the process and help you find the listing of your dreams.