Investments in Public Transportation
There is almost an immediate call to improve the bus and rail services when a neighborhood is being gentrified. Unfortunately, what this does is attract enough new buyers at such a fast pace that it is often responsible for causing housing prices to spike. This could possibly create the type of housing market that pushes out old residents while ushering in new residents with higher incomes.
Major Shift in Real Estate
As previously mentioned, there is definitely going to be a shift in the housing market when gentrification is knocking at the door. Local real estate agents may be out and about more often getting ready for what will be a relatively profitable time for them. They will be tirelessly working to rebrand many of the local apartments as “luxury condos” and finding a way to rebrand the city with a new name in order to make it seem more hip and suburban. New York’s SoHo and NoLita are examples of this trend. Once the community has a new brand that’s more appealing, housing prices and monthly rents soar.
