New York like other states has seen some changes in the real estate market with revitalizing of the city and home prices increasing. Property values are on the rise in the state, though there have been some slight decreases in rentals in places like Manhattan. This is a decrease of approximately $35 from a median rent of $3,382 annually to $3,350 for apartments in the low range. But then on the high side during 2016 the median sales for a condo in Manhattan could go for as high as $1.1 million. One thing that has not changed is the demand for real estate rentals with the millennial generation that would rather rent than own a home. Though there are some signs in the real estate market that with this generation aging that is changing. Since some of the rental millennial generation are turning to homeownership. This is commonplace for most generations though as they mature and start families, but for every rental vacancy, they are filled as soon as they are empty in the ever-growing NY City.
Revitalization to Meet City Growth
The city has undergone many changes in recent years with architect firms have teamed up with contractors to revitalize some of New York City existing buildings. This was done in an effort to bring back some areas that had fallen into disrepair and create attractive apartments, condos, and townhouses. Since this is a city attractive to all ages and especially the generation just starting out in one of the many industries the city offers for employment modern housing was a necessity. Another reason more choices in housing were necessary is due to the dramatic increase that was seen over the past few years with townhouses increasing 58.3 percent and apartments increasing in price about 28 percent. This created unaffordable living spaces for those either starting out or living on retirement finances.
The one thing that did happen is changes some of the landscape in the city from buildings that were falling into disrepair to modern sought after apartments and condos. This has resulted in other area buildings being updated and brought back some of the communities that left without this revitalization could have descended deeper into disrepair. Instead, it is now home to many of the locals and people that have relocated for employment or college. This came at the right time since there has been an increase in job openings in the city. In other New York cities, the same type of remodeling is happening and creating townhouses and apartments that fill as quickly as the modernizing is done.
The recent economic upswing is attracting young people and college students to the area since a good economy brings with it a booming job market. This will create the need for remodeling of more buildings and Bayrock‘s founder, Tevfik Arif Doyen be a benefit to architectural firms and the construction industry. It will also be seen in the percentage of annual property rental costs and in the profit of real estate investors.
Homes in the suburbs and rural areas hold their value and make a good investment or home to live in that holds its value. As families grow this becomes a popular choice over living in the city and commuting is easily done in New York with several transportation options. The rural areas while property holds its value is an option for retirement or businesses such as farming or plant nurseries. The expense of these properties is much more reasonable than purchasing a townhouse or condo in NY City. Homes and estates can be found at reasonable costs and provide room to grow even near smaller towns in the state.