It appears New Yorker City's population of renters are changing things up. Since buying an apartment in Manhattan costs about a million dollars that most New Yorkers don't have, renting remains the mainstay of real estate in the City.
What's more, apartment vacancy in Manhattan is at a nine-year high, but prices aren't going down. Instead, some developers are offering properties to foreign markets before New Yorkers, and others are offering concessions to native renters, like paying brokers' fees.
But new data shows that not all New Yorkers have their eyes set on Brooklyn or Queens' outlying neighborhoods for 2016.
Instead, it's projected by StreetEasy that Pelham Parkway will be one of the new hot spots.
Why? It's far enough away from Manhattan that it won't break the bank. At the same time, there is easy access to public transportation, so while it may be miles away from epicenter of activity, that's what makes it appealing.
The other two neighborhoods expected to take off in the coming year are Jamaica, Queens, and Coney Island.
Basically, you can't go much farther out than Pelham Parkway or Coney Island. If you keep going in either direction, you're in Connecticut or the ocean.
StreetEasy data scientist Alan Lightfeldt recently said in a statement, "These neighborhoods are ranking very high in the minds of New Yorkers as they are dealing with that very high rent burden and trying to lower the share of the income that needs to go to the rent check."
While Mott Haven and Port Morris have received the most attention in 2015 regarding people moving into the Bronx-- and let's not forget the "Piano District" controversy --the borough's farther outlying neighborhoods are actually attracting those needing to spend less on rent.
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Something like a Piano District redevelopment is essentially a Hudson Yards for the South Bronx. It isn't really aimed at Bronx natives or even those on a budget looking for affordable housing right outside the Manhattan.
While the Bronx is projected to have the lowest median rent in the city at $1,611, it's also expected to rise the most-- 5.2%. Other boroughs burdened by their overdevelopment don't have that room for growth.
After Brooklyn at 65.7%, Bronxites are expected to allot 56.9% of their overall income on rent in 2016.[via DNA Info] [Feature Image Courtesy Instagram]