New Yorkers tired of the sky-high rents in Manhattan and Queens should take a look at Queens, specifically Jamaica, according to DNAinfo.
“The rise of Jamaica is due to a number of favorable factors, including a healthy growth in population since 2011, strong growth in interest among buyers and renters, comparatively low prices and convenient access to the New York City subway and Long Island Railroad systems,” according to Alan Lightfeldt, a senior data analyst at StreetEasy.com, a real estate site.
Jamaica has seen a growth spurt in the last few years, with new apartment buildings and hotels under construction in the area. It is also conveniently located right near JFK airport and provides express trains to Manhattan.
And in comparison to other NYC locales, it is quite affordable: The median rent in Jamaica this year was $1,750, an increase of 4.5 percent compared to last year, while the median sale price in the neighborhood rose by 39.3 percent, to $299,500 this year. Its population also grew by 8.5 percent in the past 3 years, according to StreetEasy.
But while Jamaica’s residents are ready to sing the virtues of their nieghborhood, they also want to make sure the area stays reasonably priced.
“Jamaica offers a unique combination of transportation assets, cultural attractions and other aspects that make it attractive to developers, as well as potential residents and businesses,” said Hope Knight, president of the Greater Jamaica Development Corporation, a local nonprofit group that works to bring new investments to the neighborhood. “Our task is to make sure that development happens in a balanced way that supports the need for affordable housing for current and new residents alike.”
To boost the area’s profile, Queens Borough President Melinda Katz and Mayor de Blasio’s administration recently launched the “Jamaica Now Action Plan” to revitalize Jamaica by developing vacant spaces and replacing them with new housing and retail stores.
Four other Queens neighborhoods — Jamaica Estates, Kew Gardens Hills, Woodside and Elmhurst — also made it to the list of the ten neighborhoods predicted to be the most in demand next year. Other neighborhoods include Coney Island and Midwood in Brooklyn, as well as Pelham Parkway and Bedford Park in the Bronx.
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