Jamaica, Queens, tops the list of next year’s most in-demand neighborhoods, according to a new report.
Although rents will grow at a slower pace next year, predictions indicate that the increase will outpace the city’s income growth, stated a new study from StreetEasy, which added that several hot Queens neighborhoods are becoming increasingly appealing as renters leave pricier Manhattan and Brooklyn.
“Hot” neighborhoods are determined based on changes in sales prices and rent prices, recent population growth and annual change in StreetEasy page views per listing. Five of the top 10 hot neighborhoods are in Queens, according to StreetEasy, and Jamaica tops the list, with Queens’ Jamaica Estates and Woodside both in the top five.
"Jamaica's rise comes from a number of favorable factors, including a healthy growth in population, strong growth in interest among buyers and renters, comparatively low prices, and convenient access to the New York City subway,” Alan Lightfeldt, StreetEasy data scientist, was quoted in the report.
The report also claimed that more and more residents are looking deeper into Upper Manhattan for an affordable place to live.
"Upper Manhattan's moment has arrived. Homebuyers seeking value in Manhattan are increasingly starting their search above 110th Street,” Lightfeld said. “Lack of affordable options means many New Yorkers will choose to double or even triple up in smaller units, further compounding the city's overcrowding problem in 2016."
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Greater Queens will take on residents pushed from Manhattan and Brooklyn, but there is a pull factor as well.
“Lower prices, easy access to large job centers in Midtown and Long Island City and more living space will pull more New York buyers and renters toward Queens in 2016," Lightfeldt concluded.