New York – Artist property hotspot

New York property market becomes a hot spot, but rentals are still strong here.

In New York, property values are some of the highest throughout the country. The city of New York City is one of the largest markets for rentals, due in part to the demand of property as well as the soaring house prices.

Some people find that it is still a great place to invest, though. Many strive to live in some of today's best cultural areas of the city. SOHO and NOHO, as they are commonly referred to. These are the locations that investors know aspiring artists are looking to live in. More so, novelists and songwriters are often willing to pay high costs to live in these regions. But it has become difficult to afford such locations today.

Some investors seek out the small, run down locations where artists live and move in, turning them into seven figure properties for very little.

A new area is seeing a property boom from those that are of the artist trend. The area up the Hudson River including locations like Peekskill, Beacon and Haverstraw are becoming locations targeted by artists of all genres.

Still, the key areas that are seeing interest in this costly area of the country are those that have the highest demand for rental income. Many residential rental developments throughout New York City are booming. Demand for rental properties in these areas continues to grow and investors realise this. For that reason, properties that could become rentals here are booming heavily.