Dec. 3, 2013 By Christian Murray
With an influx of trendy restaurants, bars and other amenities—Sunnyside is now a ‘hipster [real estate] market’ that is a particularly lucrative for residential landlords, according to real estate research firm RealtyTrac.
Sunnyside landlords, according to the research firm, can extract the highest yields from their property among all the ‘hipster markets’ in New York City.
RealtyTrac produced a list of so-called “hipster neighborhoods” throughout the nation — and determined Sunnyside’s 11104 ZIP code generated the 12th highest rental yield nationwide, as well as the highest in the city. Investors generally earn a yield of 5.90%.
While RealtyTrac said the precise definition of hipsters is elusive —it noted that it tends to be a place with a high number of trendy residents in their 20s and 30s.
The research firm noted that a neighborhood branded as hipster is likely to see property values and rental rates rise while vacancies and foreclosures decline.
RealtyTrac findings were based on zip codes with a disproportionately large population in the prime hipster age range — between 25 and 34—and where at least 20% of the population either walked to work or used public transportation.