New York, November 13, 2018, A city of nearly 8.5 million, New York City is one of the biggest in the world. Attracting residents from all over, the metropolitan area has something to offer for everyone looking to experience city living. With the majority of the population renting, there is also an ongoing cycle in New York of bringing people in and out.
One of the most competitive areas to rent in the nation and maybe even world, renters are forced to pay premiums simply for housing availability let alone upscale amenities. But with prices for homes in the area completely out of range for even the average upper-class income in America, rental shortages are just another obstacle the city’s residents have to overcome.
This competitive rental landscape speaks true even at the top of the rental market with today’s property developers drastically limited with options for breaking ground on new projects. This is not a new trend and has been the case for several decades, one that has successfully pushed both developers and residents into new locations and city burrows that once were not an option for most. But this ability to breathe new life into an overlooked location is one of the most important factors allowing the city to keep on the uprise as it creates the grounds for vibrant new communities with residents and businesses happy to inhabit them.
With experience in both investing and developing in new or untapped areas himself, CEO and Founder Marcus Hiles of Western Rim Properties has seen the impact it can have on the city’s or even state’s whole community. “By creating housing options that are tailored towards introducing new demographics into an overlooked area, you are not only helping to stabilize the housing demand you are also creating opportunities for existing and new residents.” shares Marcus who has made a successful career out of taking a chance on locations that have potential for growth.
New York is an iconic example of taking underdeveloped locations and rising them through the ranks with new property development that may soon land them on the list of most coveted spots in the city. Not too long ago the now thriving borough of Brooklyn did not have a strong hold in the middle-to-upper class rental market and instead was under-utilized by the city’s overcrowded populations. After undergoing substantial changes and introducing new construction for housing, businesses and community development, Brooklyn is now home to a growing base of both affluent renters and homeowners.
This path towards introducing new opportunities into undervalued areas is one continuing to lead not only NYC into a future of success, but also cities big and small across the country.
As residents continue to push for more options and today’s thriving locations max out their capacity, there will be a growing need for more investment and risk taking by developers to establish our future city and suburban centers.