New York is a city that is constantly shifting, rejuvenating, and evolving. Each year, we see a number of boroughs and areas grow in popularity as locals move about and new people come to the city. In 2022, we’re seeing Brooklyn and Manhattan as the most popular places to look for apartments for rent in New York, with several areas within them enjoying a spike in interest.
If you’re moving to the city or looking for somewhere new in New York to live, you might be wondering about which is the right choice – renting or buying? Property prices, while high, are not expected to jump too much higher in the coming months. However, the supply of property could get strangled quickly as people move back to the city. On the other hand, rental prices are sharply on the rise due to this same influx of people moving into New York.
If you can afford to buy early in 2022, that may be your best bet. However, as always with the property market, it’s all about timing and snapping up a good deal when you spot it – whether you’re looking for apartments for rent in New York or to buy.
While on the property hunt, these are the areas where you should be focusing your attention this year:
SoHo has long been one of the trendiest neighborhoods in New York, but like TriBeCa, it’s also one of the most expensive. Now that people are heading out again to socialize, interest in buying and looking for New York City apartments for rent here has grown, as have property and rental prices.
With easy access to Manhattan, this is a highly sought-after area to live in. Dumbo provides residents with plenty of options for nightlife, as well as being close to the office centers found in Manhattan. If you’re looking to rent, it’s about the same price as getting somewhere in SoHo, however, buying a property is cheaper.
Greenwich Village, Manhattan
Another very trendy spot in Manhattan, Greenwich Village is also seeing a big upswing in rental and sale prices. However, the median sales price in the village for 2021 was half of what it was in Soho ($1,525,000 vs $3,250,000).
Red Hook, Brooklyn
Rental inventory is declining in Red Hook, but property prices are steadily rising in the area – which is why it still makes the top five on this list. It’s a great place to live if you work from home or don’t need to commute regularly into the business districts of New York.
This is another neighborhood that offers a longer commute into Manhattan’s business districts but is still showing an increase in popularity. Rental and property prices are about the same as they are in Red Hook. However, there will be a sudden influx of supply coming soon as a large portion of the area has been rezoned for residential properties to be built. In time, there should be more apartments for rent in New York City located in Gowanus.
Start Your Property Search
If you’re looking for apartments for rent in New York, or if you’d like to purchase a property, Platinum Properties is here to help. We’ll connect you with a seasoned agent who knows all of the available inventory (and even some off-market opportunities) in New York City. Your agent will schedule showings and take you on property tours until you find the property of your dreams in New York City. Send us a message to be connected with a Platinum Properties agent.