Why Invest in New York?
The New York State is the land of renters, even now when the majority is moving away from overpriced apartments in the big city, to seeking single-family homes and metropolitan suburban units. Famous for its natural treasures, such as the Niagara Falls, Finger Lakes and Adirondacks, the Empire State draws an increasing number of visitors, making tourism a major driving force behind business boom and job growth. Thanks to thriving business and service sectors, the area is marked by population mobility that ensures a stable rental property demand.
As a result, the New York State is a Mecca for real estate investors looking for relatively stable prices, appreciation and liquidity for income properties.
Investment Considerations for New York Real Estate
- Growing Job Market-The financial and security sectors have been stable for a while now. With the unemployment rate at the lowest it’s been in years. While any shakeup could result in major losses, the job market is currently prospering thanks to many large projects such as Essex Crossing Pacific Park and more bringing more than 30,000 jobs into the city. Metropolitan suburban areas and the City of New York have made the biggest contribution, increasing the number of opportunities by almost 20 percent in the last decade. To real estate investors, this means a strong rental demand.
- Strong Home Buyer Activity- Judging by the numbers from the last two years, real estate is in high demand regardless of changes in the housing market. Homebuyers are breaking all previous records, which makes the New York state a more stable investment market.
- Rent Prices-New York vacancy rates have been falling in recent months while we saw an increased demand for rental housing in New York. As a result, there was a boom in new rental units throughout the city. The increase in supply forced landlords to be more price competitive and offer better concessions. Partially attributed to the boom in rental units, rent growth slowed down. To the New York real estate investor, it’s best to keep a close eye on rental demand and rent prices to ensure your investment has solid returns.
- Popularization of Urban Suburbs-Millennials are flocking to metropolitan suburban areas, where new types of neighborhoods are emerging. Combining the best features of urban and suburban areas, they make for highly desirable real estate investment opportunities.
What are the Best Markets to Invest in New York?
With the Big Apple at its center and growing suburban areas – Buffalo, Albany and Rochester – scattered throughout, the New York State is at its all-time high when it comes to opportunities for real estate investing. New York is known world over for its real estate. There are numerous ways to take advantage of it and grow your wealth.
Getting Started in Real Estate Investing? HomeUnion® Can Help
HomeUnion® is the leader in residential real estate investment. With the use of big data and machine learning, we analyze information on millions of single family homes in New York; and across the United States and calculate home values RENTestimate for every property in New York. If you’re looking for the best investment properties across the country, visit our comprehensive investment site.