Westchester Meets Demand for Renters Priced out of NYC
As renters look for less expensive options outside of New York City, the real estate development community is seeing new opportunity in Westchester County. Demand for apartments in the county’s urban areas is growing, fueling new investment in rental projects, especially along train lines.
According to the Wall Street Journal, 2016 will see a 3% increase in rental units after years of stagnant growth.
Bill Cuddy, Executive Vice President, CBRE, and chairman of WCA’s Economic Development Task Force, told the Journal that he hasn’t seen so many rental projects in the pipeline in his 35 years in the marketplace.
Read more about what kinds of communities Millennials are looking for and how developers are seeking to address the demand. Also, see which communities have projects in the pipeline.