Every year StreetEasy puts together a list of “NYC Neighborhoods to Watch For” and this year’s picks are in!
The criterion for their list relates to the increasing interest observed in certain neighborhoods from buyers, renters, and sellers the year prior. The neighborhoods are then ranked based on three deciding factors: increases in sales prices, rents, and user searches year-over-year.
The list ranks as follows:
Manhattan has made a place for itself on this year’s list with SoHo coming in at number one when Brooklyn practically monopolized last year’s list, accounting for 9 out of the 11 spots.
Brooklyn’s popularity last year (and still remaining this year) resulted from NYers prioritizing space as many people began to work remotely. Whereas in other years, easy access to transportation had been a main factor in the list’s results.
Yet just as StreetEasy mentioned, as restrictions began to loosen over 2021, it’s not surprising that SoHo, Dumbo, & Greenwich Village all made the top of the list with their plethora of shops, restaurants, and nightlife—what can we say, NYers love to be close to the action!
However, Fordham and Kew Gardens Hills’ rankings made an impressive appearance. Though most of the hottest NYC neighborhoods tend to be quite costly, these more affordable neighborhoods made the list thanks to nearby college campuses reopening in 2021. As a result, this year’s list ranges in average rent anywhere from $1,795 to $4,750.
And though the pandemic has greatly impacted living costs, rents have been steadily returning to pre-pandemic prices. More than 70% of neighborhoods on last year’s list had a median rent price in the $2,000 range, whereas this year’s, many have crept back into the $3,000-$4,000 range.
As NYC continues to handle the pandemic and all of it’s impacts, it will be interesting to note how the list continues to change throughout the years to come.