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New York City is the most populous city in the whole of the United States. Located in the southern region of the State of New York, the city is home to over 8.6 million residents. Even so, New York City saw an increase in its population by 5.5% from 2010 to 2018. According to NeighborhoodScout, 77.7% of this population rents rather than owns a home. So buying a rental property in the New York City housing market can make for a great real estate investment as rentals are in high demand.

The economy in New York City is actually the largest regional urban economy in the nation. The city leads the country’s job market in the fields of banking, finance, and communication. New York City is not only known as “The Big Apple”, but it’s actually been nicknamed “The Finance Capital of the World” because located in the city are NASDAQ and the New York Stock Exchange. Other major industries in New York City include international trade, healthcare, media, journalism and publishing, manufacturing, information technology, and real estate.

The New York City housing market (specifically its borough Brooklyn) came in at #2 in the PWC’s Top Markets to Watch in 2019. In the Northeast region of the US, New York City’s boroughs took 3 out of 5 spots for the top markets for overall real estate prospects in the annual report. Not only is the New York City real estate market a top national market, but it’s a popular market for international real estate investment as well. In fact, according to a survey by the Association of Foreign Investors in Real Estate (AFIRE), New York City came in second in the global ranking of major cities for top real estate prospects. So whether you’re a domestic or foreign real estate investor, New York City is one of the best places to invest in real estate.

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New York  Real Estate Investment Performance
Facts and Market Trends in New York
Homes For Sale
6,364
Airbnb Properties
7,140
Rental Properties
29,621
Traditional Vacancy rate
5.20%
Airbnb Occupancy Rate
69.34%
Mashmeter
61.70%
Median Price
$1,130,876
Median Rent Price
$3,405
Price/sqft
$1,108
Median Days on Market
119
Price to Rent Ratio
33.1
Average Cap Rate
Airbnb
1.08%
Traditional
0.76%
Average Rental Income
Airbnb
$3,716
Traditional
$2,842
 
Median Household Income
$50,711
Population
8,622,698
Transportation in New York
89 / 100
Very Walkable
84 / 100
Excellent Transit
68 / 100
Bikeable
New York  Rent Prices
RENTAL STRATEGY STUDIOS 1 ROOM 2 ROOMS 3 ROOMS 4 ROOMS
Airbnb$2,154$2,326$2,817$3,494$4,286
Traditional$2,612$1,740$2,205$2,811$3,545
New York, NY - Homes for Sale - Newly Listed
$318,059
MLS
459 Beach 63rd St
New York, NY 11692
Arverne
Other
3 beds2 baths1,932 sq.ft.
CAP RATE
Trad. 3.06%Airbnb 4.13%
$999,999
MLS 10615791
21-19 46th St
New York, NY 11105
Astoria Heights
Single Family Residential
3 beds2 baths1,758 sq.ft.
CAP RATE
Trad. 0.07%Airbnb 0.58%
$950,000
MLS 3138679
61-74 81 St
New York, NY 11379
Middle Village
Townhouse
3 beds2 baths1,360 sq.ft.
CAP RATE
Trad. 0.08%Airbnb -0.50%
$1,250,000
MLS OLRS-1828603
155 East 38th Street #14-D
New York, NY 10016
Murray Hill
Condo/Coop
2 beds2 baths0 sq.ft.
CAP RATE
Trad. 1.13%Airbnb 2.66%
Top Performing New York Properties
$180,000
MLS 4944089
7 metropolitan Oval #6C
New York, NY 10462
Parkchester
Condo/Coop
2 beds1 baths829 sq.ft.
CAP RATE
Trad. 4.09%Airbnb 7.78%
$348,888
MLS 10555758
155 West 71st Street #5J
New York, NY 10023
Upper West Side
Condo/Coop
1 beds1 baths0 sq.ft.
CAP RATE
Trad. 5.61%Airbnb 7.62%
$569,000
MLS 16535
451 West 48th Street #5E
New York, NY 10036
Columbus Circle
Condo/Coop
2 beds1 baths700 sq.ft.
CAP RATE
Trad. 6.00%Airbnb 7.28%
$400,000
MLS 3060651
147-02 120th Ave
New York, NY 11436
Jamaica
Single Family Residential
4 beds2 baths1,540 sq.ft.
CAP RATE
Trad. 1.92%Airbnb 7.20%
Recently Sold Homes in New York, NY
$2,390,000
MLS 3133812
8505 17 Ave
New York, NY 11214
Gravesend
Multi Family
7 beds6 baths0 sq.ft.
CAP RATE
Trad. N/AAirbnb N/A
$1,290,000
MLS 3136040
84-25 52nd Ave
New York, NY 11373
Elmhurst
Multi Family
7 beds4 baths2,048 sq.ft.
CAP RATE
Trad. N/AAirbnb N/A
$1,950,000
MLS OLRS-0048539
2A Virginia Place
New York, NY 11213
Crown Heights
Multi Family
7 beds4 baths0 sq.ft.
CAP RATE
Trad. N/AAirbnb N/A
$619,000
MLS 1129439
218 Daniel Low Terrace
New York, NY 10301
St. George
Multi Family
2 beds0 baths2,310 sq.ft.
CAP RATE
Trad. N/AAirbnb N/A
Property Value Changes and Real Estate Appreciation in the New York Housing Market

New York City is notorious for its high property prices which is why so many residents rent rather than buy. However, if you can afford to invest in New York City real estate, you’ll still enjoy significant property appreciation. In fact, since Q1 of 2000, real estate appreciation of NYC properties has totalled 123% for an annual average growth rate of 4.37%. Zillow forecasts that next year will be no different with an expected appreciation of 3.3%.

The housing inventory is tight as it is in most major US metro areas, and it doesn’t help that land and construction costs are very high. However, local officials are working with the city’s real estate board and construction unions to remedy the issue and increase housing supply. So even though property prices are high, the New York City housing market is actually a buyer’s market right now. This means that there is room to negotiate those home values down. And there are still affordable neighborhoods in New York City where you can find cheaper homes for sale making the city a great place to buy investment property.

New York, NY Top Multi Family Homes
$750,000
MLS 4950558
2501 Colden Avenue
New York, NY 10469
Williamsbridge
Multi Family
0 beds0 baths2,052 sq.ft.
CAP RATE
Trad. -0.03%Airbnb 1.57%
$839,000
MLS 3056401
60-28 54th Pl
New York, NY 11378
Maspeth
Multi Family
5 beds3 baths1,824 sq.ft.
CAP RATE
Trad. 7.44%Airbnb N/A
$830,000
MLS 3132870
79-24 68th Rd
New York, NY 11379
Middle Village
Multi Family
5 beds2 baths0 sq.ft.
CAP RATE
Trad. 7.37%Airbnb N/A
$869,000
MLS 3114230
61-19 56th Ave
New York, NY 11378
Maspeth
Multi Family
4 beds2 baths0 sq.ft.
CAP RATE
Trad. 7.21%Airbnb N/A
Homes Below Median Price in the New York, NY Real Estate Market
$180,000
MLS 4944089
7 metropolitan Oval #6C
New York, NY 10462
Parkchester
Condo/Coop
2 beds1 baths829 sq.ft.
CAP RATE
Trad. 4.09%Airbnb 7.78%
$348,888
MLS 10555758
155 West 71st Street #5J
New York, NY 10023
Upper West Side
Condo/Coop
1 beds1 baths0 sq.ft.
CAP RATE
Trad. 5.61%Airbnb 7.62%
$569,000
MLS 16535
451 West 48th Street #5E
New York, NY 10036
Columbus Circle
Condo/Coop
2 beds1 baths700 sq.ft.
CAP RATE
Trad. 6.00%Airbnb 7.28%
$400,000
MLS 3060651
147-02 120th Ave
New York, NY 11436
Jamaica
Single Family Residential
4 beds2 baths1,540 sq.ft.
CAP RATE
Trad. 1.92%Airbnb 7.20%
New York Airbnb Growth and Regulations

Because New York City is a popular domestic and international tourist destination, welcoming over 60 million visitors a year, it’s no surprise that Airbnb growth was massive in the early years of the vacation rental industry, with Airbnb New York City hosts generating millions of dollars in annual revenue. However, as a result of Airbnb’s growth, city officials have cracked down on short-term rentals with strict regulations. When it comes to non-owner occupied properties such as Airbnb investment properties, they are illegal in New York City.

In order to rent out a primary residence on Airbnb legally, the host must be present throughout the guest’s stay. This means you can only rent out a room rather than an entire house in the Airbnb New York City market. Hosts will also be required to obtain a business license and permit as well as pay various taxes such as a hotel occupancy tax.

Besides this, there are also zoning laws that dedicate certain regions in the city where short-term rentals are permitted. If your home is under rent control, you must check with your local rent board to find out if renting out on Airbnb and other vacation rental websites is permitted. Airbnb New York City hosts must also adhere to any HOA restrictions against short-term rental properties.

New York, NY Top Airbnb Homes
$158 per night
Entire home/apt · 1 bed
Private brownstone studio Brooklyn
471
$125 per night
Entire home/apt · 1 bed
Park Slope Green Guest House
467
$91 per night
$147 per night
Entire home/apt · 3 beds
Priv Apt,Garden,BBQ,A/C,BigTV,for 4
419
New York, NY Homes for Rent
$3,200
MLS RPLU-21919682774
2000 Broadway #6K
New York, NY
Columbus Circle
Apartment
1 beds1 baths0 sq.ft.
$6,700
MLS RPLU-21919670276
$2,000
MLS RPLU-63219685273
$2,995
MLS RPLU-63219671600
New York, NY Open Houses
Open 12:30 PM to 2 PM
$1,250,000
MLS OLRS-1828603
155 East 38th Street #14-D
New York, NY 10016
Murray Hill
Condo/Coop
2 beds2 baths0 sq.ft.
CAP RATE
Trad. 1.13%Airbnb 2.66%
Open 12 PM to 2 PM
$749,000
MLS OLRS-1830275
176 West 86th Street #5-B
New York, NY 10024
Upper West Side
Condo/Coop
1 beds1 baths0 sq.ft.
CAP RATE
Trad. 1.64%Airbnb 2.58%
Open 7 PM to 8:30 PM
$525,000
MLS 10615975
335-341 Nostrand Avenue #301 C
New York, NY 11216
Bedford Stuyvesant
Condo/Coop
1 beds1 baths0 sq.ft.
CAP RATE
Trad. 1.70%Airbnb 2.64%
Open 5 PM to 7 PM
$463,500
MLS 10615703
45 Trumbull Place
New York, NY 10301
New Brighton
Single Family Residential
3 beds2 baths1,094 sq.ft.
CAP RATE
Trad. 1.86%Airbnb 1.73%
Best New York Neighborhoods for Buying Investment Property
61%
Mashmeter
property price
$2,170,000
Median
cap rate
3.61%
Traditional
3.88%
Airbnb
rental income
$6,526
Traditional
$7,015
Airbnb
homes for sale
6
occupancy rate
80%
Airbnb
66%
Mashmeter
property price
$822,500
Median
cap rate
7.95%
Traditional
10.69%
Airbnb
rental income
$5,450
Traditional
$7,325
Airbnb
homes for sale
6
occupancy rate
75%
Airbnb
70%
Mashmeter
property price
$1,037,000
Median
cap rate
5.82%
Traditional
8.12%
Airbnb
rental income
$5,029
Traditional
$7,016
Airbnb
homes for sale
44
occupancy rate
75%
Airbnb
69%
Mashmeter
property price
$1,125,000
Median
cap rate
5.25%
Traditional
7.38%
Airbnb
rental income
$4,925
Traditional
$6,917
Airbnb
homes for sale
55
occupancy rate
72%
Airbnb
79%
Mashmeter
property price
$1,035,000
Median
cap rate
7.23%
Traditional
7.90%
Airbnb
rental income
$6,232
Traditional
$6,817
Airbnb
homes for sale
47
occupancy rate
73%
Airbnb
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