When you want to invest in real estate in New York City, it can be easy to feel overwhelmed by the number of neighborhoods to choose from due to the size of the city. You’ll want the property that you purchase to be in demand and valuable as a landlord when renting to tenants. If you need to narrow down your options, there are a few NYC neighborhoods to consider.
Northwest Chelsea
For those who want to rent out newer development property, Northwest Chelsea is the place to look due to the influx supply of newer properties that were recently built. Located on the west side of Manhattan, Northwest Chelsea is the center of creativity and can appeal to younger adults who appreciate the character of the brick buildings and streetscapes that are lined by trees.
Dumbo
Consider investing in real estate in Dumbo, which can be expensive but attract more buyers who have the budget to rent in the area. Due to the lower demand because of the high price of the properties, buyers have the advantage when negotiating the selling price. It can be a neighborhood that is ideal to invest in if you want to get a great deal. Other neighborhoods like Midtown and Chelsea are also known as places where there’s a high level of negotiating power for investors who want to own upscale properties in a desirable area.
Inwood
Inwood is another neighborhood to keep in mind when shopping around for a property that you’ll rent out in Manhattan. Most of the apartments are undervalued and offer a lot more space compared to what you’ll find in other areas of the city, meaning you’ll get a great deal and won’t have to pay as much for a home compared to Dumbo. You’ll easily find an apartment that has two or three bedrooms for the same price as a studio in the downtown area.
Forest Hills
Shop in Forest Hills where many townhomes are listed on the market, which includes more amenities than similar properties in other neighborhoods. The prices of the properties vary, making it easy to find something that fits within your budget. Now is the best time to buy in Forest Hills because the location can become oversaturated in the coming years.