Once seen as something of a black sheep compared to shinier, glitzier Manhattan, Brooklyn has truly come into its own. Residents love the borough’s character and vitality, and many now work there instead of commuting across the Hudson River.
Brooklyn’s growth and revitalization have been ongoing for decades, and it has become a destination in its own right. There has never been a better time to invest in a condominium unit in Brooklyn, as the following look at five of the best reasons to do so should make clear.
1. Brooklyn is a Booming City in Its Own Right
People looking at nria.net and similar sites today cannot help but be impressed by how much is going on in Brooklyn. Far from playing second fiddle to Manhattan to the east, Brooklyn has become a well-rounded, self-sufficient city in everything but name.
As the most populous of New York’s five boroughs by a fair margin, Brooklyn outranks all but a handful of American cities. Its 2.5-plus million residents make it one of the most vital, exciting metropolitan areas in the country.
That virtually ensures a bright future for the borough regardless of what might come. Brooklyn’s economic base has also been diversifying over the years thanks largely to so much interest from technology entrepreneurs and other small-scale business builders.
In the past, people thinking of investing in real estate in Brooklyn would normally have done so in the context of New York’s overall prospects. Today, it makes excellent sense to treat Brooklyn as a distinct entity despite its legal status as a borough and not an independent city.
2. Brooklyn’s Property Market is Very Strong
Despite Brooklyn’s clear appeal, some investors who look at it come away convinced they have arrived late to the party. That attitude, though, can just as well lead to missed opportunities instead of the safety so many investors seek.
The trajectory of Brooklyn’s famously positive residential real estate market has steepened in recent years. Even though other parts of New York have seen a bit of a slowdown, Brooklyn has remained a red-hot market.
3. New York’s Tech Boom Should Lift Brooklyn Even Higher
Brooklyn is notable for being home to many of New York’s youngest households. Millennials and even members of Gen Z flock to Brooklyn to enjoy its world-famous personality.
With companies like Google, Facebook, and Amazon expanding their New York operations, demand for real estate in Brooklyn is bound to remain healthy. Buying a condo in Brooklyn can easily end up being the best, simplest way to benefit from the technology boom that is transforming New York City.
4. Brooklyn Rents are Rising
Investing in a condo can mean enjoying both price appreciation and ongoing revenue in the form of rent. Brooklyn’s steadily rising rental rates make it a safe bet in just about every case. Should a contemplated investment work out in theory at the moment, it will almost certainly become even more attractive in the near future.
5. Brooklyn is Here to Stay
Although it was once seen as a bit rugged and rough compared to Manhattan, Brooklyn has left those days far behind. There is no chance that New York’s second-largest borough by area will ever sink back into its past. Brooklyn is sure to remain a desirable place to live and work for a very long time to come.
Investors Stand to Benefit Greatly by Focusing on Brooklyn
For these five reasons and others, there has rarely been a better time to invest in a condo in Brooklyn. Waiting too long could allow the window to close, so investors who are poised to strike now have the best chances.