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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.

New York Realtors and Real Estate Agents

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New York  Real Estate Investment Performance
Facts and Market Trends in New York
Homes For Sale6,141
Airbnb Properties4,888
Rental Properties54,863
Traditional Vacancy rate6.10%
Airbnb Occupancy Rate55.13%
Mashmeter72.40%
Median Price$875,000
Median Rent Price$3,294
Price/sqft$650
Median Days on Market152
Price to Rent Ratio33.8
Average Cap Rate
Airbnb-0.45%
Traditional0.89%
Average Rental Income
Airbnb$1,965
Traditional$2,348
 
Median Household Income$50,711
Population8,622,698
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$1,431$1,638$2,159$2,662$4,520
Traditional$1,991$1,734$2,259$2,899$3,682
New York, NY - Homes for Sale - Newly Listed
$699,000
MLS 450098
42 Wilson Terrace
New York, NY 10304
Grasmere - Concord
Single Family Residential
3 beds2 baths1,205 sq.ft.
CAP RATE
Trad. 0.49%Airbnb -1.30%
$899,000
MLS 450013
12 Beach 213 Street Street
New York, NY 11697
Breezy Point
Single Family Residential
3 beds2 baths2,400 sq.ft.
CAP RATE
Trad. -0.01%Airbnb -0.11%
$512,000
MLS 450101
722 Post Avenue
New York, NY 10310
Port Richmond
Single Family Residential
3 beds2 baths1,060 sq.ft.
CAP RATE
Trad. 1.65%Airbnb 1.38%
$1,380,000
MLS 3303273
40-28 College Point Boulevard #1601
New York, NY 11354
Flushing
Condo/Coop
3 beds3 baths1,640 sq.ft.
CAP RATE
Trad. -0.76%Airbnb -0.92%
Top Performing New York Properties
$249,000
MLS 3267875
1519 Metropolitan Avenue #4C
New York, NY 10462
Parkchester
Condo/Coop
2 beds1 baths851 sq.ft.
CAP RATE
Trad. 5.78%Airbnb 7.98%
$449,900
MLS 70669
3044 Radcliff Ave
New York, NY 10469
Williamsbridge
Single Family Residential
3 beds2 baths1,720 sq.ft.
CAP RATE
Trad. 3.26%Airbnb 7.64%
$349,888
MLS 10955097
100 W 141st, #64 #64
New York, NY 10030
Harlem
Condo/Coop
3 beds1 baths0 sq.ft.
CAP RATE
Trad. 5.15%Airbnb 7.45%
$475,000
MLS H6107551
1071 E 213th Street
New York, NY 10469
Williamsbridge
Single Family Residential
3 beds2 baths1,620 sq.ft.
CAP RATE
Trad. 2.67%Airbnb 7.25%
Recently Sold Homes in New York, NY
$1,720,000
MLS 3294526
3618 166th Street
New York, NY 11358
Murray-Hill
Multi Family
0 beds0 baths3,040 sq.ft.
CAP RATE
Trad. N/AAirbnb N/A
$1,690,000
MLS 3292993
57-15 138 Street
New York, NY 11355
Flushing
Multi Family
0 beds0 baths0 sq.ft.
CAP RATE
Trad. N/AAirbnb N/A
$1,988,000
MLS 3292326
108-58 53rd Ave
New York, NY 11368
Corona
Multi Family
0 beds0 baths4,050 sq.ft.
CAP RATE
Trad. N/AAirbnb N/A
$2,300,000
MLS 3292153
64-01 155 Street
New York, NY 11367
Pomonok
Multi Family
0 beds0 baths0 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
$1,050,000
MLS 3216142
22-08 Greene Avenue
New York, NY 11385
Ridgewood
Multi Family
0 beds0 baths0 sq.ft.
CAP RATE
Trad. 7.14%Airbnb N/A
$760,000
MLS 1141933
27 White Plains Avenue
New York, NY 10305
Rosebank
Multi Family
4 beds3 baths1,000 sq.ft.
CAP RATE
Trad. 6.31%Airbnb N/A
$1,200,000
MLS 3294111
62-55 60th Street
New York, NY 11385
Ridgewood
Multi Family
0 beds0 baths0 sq.ft.
CAP RATE
Trad. 6.23%Airbnb N/A
$1,199,000
MLS 3297366
60-27 56th Drive
New York, NY 11378
Maspeth
Multi Family
0 beds0 baths0 sq.ft.
CAP RATE
Trad. 6.19%Airbnb N/A
Homes Below Median Price in the New York, NY Real Estate Market
$249,000
MLS 3267875
1519 Metropolitan Avenue #4C
New York, NY 10462
Parkchester
Condo/Coop
2 beds1 baths851 sq.ft.
CAP RATE
Trad. 5.78%Airbnb 7.98%
$449,900
MLS 70669
3044 Radcliff Ave
New York, NY 10469
Williamsbridge
Single Family Residential
3 beds2 baths1,720 sq.ft.
CAP RATE
Trad. 3.26%Airbnb 7.64%
$349,888
MLS 10955097
100 W 141st, #64 #64
New York, NY 10030
Harlem
Condo/Coop
3 beds1 baths0 sq.ft.
CAP RATE
Trad. 5.15%Airbnb 7.45%
$475,000
MLS H6107551
1071 E 213th Street
New York, NY 10469
Williamsbridge
Single Family Residential
3 beds2 baths1,620 sq.ft.
CAP RATE
Trad. 2.67%Airbnb 7.25%
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
$54 per night
Entire home/apt · 1 bed
THE PRIVACY DEN ~ 5 MINUTES TO JFK
601
$236 per night
$100 per night
Entire home/apt · 1 bed
Park Slope Green Guest House
473
$63 per night
New York, NY Homes for Rent
$2,400
MLS OLRS-1594058
471 MacDonough Street #3
New York, NY
Ocean Hill
Multi Family
2 beds1 baths0 sq.ft.
$1,550
MLS 3303253
$2,350
MLS OLRS-1932613
169 Hull Street #1-B
New York, NY
Ocean Hill
Townhouse
2 beds2 baths0 sq.ft.
$2,200
MLS RPLU-63220833846
New York, NY Open Houses
Open 1 PM to 4 PM
$689,900
MLS 10984649
32 Robin Court
New York, NY 10309
Woodrow
Condo/Coop
4 beds4 baths0 sq.ft.
CAP RATE
Trad. 1.33%Airbnb 5.82%
Open 4 PM to 6 PM
$989,888
MLS 10984721
40-43 194 St
New York, NY 11358
Auburndale
Single Family Residential
4 beds2 baths1,076 sq.ft.
CAP RATE
Trad. -0.03%Airbnb -0.25%
Open 5:30 PM to 7 PM
$1,100,000
MLS 3303351
92-03 69th Ave
New York, NY 11375
Forest Hills Gardens
Townhouse
3 beds3 baths0 sq.ft.
CAP RATE
Trad. 0.69%Airbnb 1.01%
Open 1 PM to 3 PM
$749,000
MLS 3301628
72-08 Cooper Avenue
New York, NY 11385
Glendale
Single Family Residential
3 beds2 baths0 sq.ft.
CAP RATE
Trad. 1.26%Airbnb -0.16%
Best New York Neighborhoods for Buying Investment Property
80%
Mashmeter
property price
$1,300,000
Median
cap rate
4.08%
Traditional
3.87%
Airbnb
rental income
$4,424
Traditional
$4,194
Airbnb
homes for sale
5
occupancy rate
62%
Airbnb
87%
Mashmeter
property price
$1,647,000
Median
cap rate
2.47%
Traditional
2.42%
Airbnb
rental income
$3,384
Traditional
$3,326
Airbnb
homes for sale
26
occupancy rate
58%
Airbnb
56%
Mashmeter
property price
$2,622,500
Median
cap rate
2.30%
Traditional
2.05%
Airbnb
rental income
$5,021
Traditional
$4,487
Airbnb
homes for sale
12
occupancy rate
64%
Airbnb
88%
Mashmeter
property price
$1,250,000
Median
cap rate
4.50%
Traditional
4.11%
Airbnb
rental income
$4,687
Traditional
$4,286
Airbnb
homes for sale
60
occupancy rate
62%
Airbnb
82%
Mashmeter
property price
$890,000
Median
cap rate
6.93%
Traditional
5.34%
Airbnb
rental income
$5,138
Traditional
$3,957
Airbnb
homes for sale
51
occupancy rate
61%
Airbnb
All New York Neighborhoods