Certain neighbourhoods can switch from being seeing as grimey or even dangerous to being the most interesting and appealing locations for residents and tourists. And this change can happen fast. Brooklyn, East London, Portland and countless other cities have all seen huge areas regenerated in a matter of years. Decades of neglect, causing lower than average rents have led to mass influxes of white-collar workers and start-up businesses into certain, concentrated neighbourhoods. These areas have been dubbed as ‘hipster-hoods´. They are the cool, up and coming areas.The natural migration of young people into new, cheaper areas is followed by a rise in cultural installations and new small businesses. And the great thing is, these areas are immensely popular for people that book vacation rentals. The abundance of bars, cafes, galleries and music venues are all a big draw to tourists.
Advocates say that rise of new small businesses breathes life back into areas that badly need it. But some say that once this area gets deemed the new place to be, it becomes too popular. The area loses any true heart. It becomes a toy-town of bars and coffee shops that cater more to the whims and eddies of popular culture than reflect the people that live there. Finally, the area becomes saturated, tired and over-priced. The next wave of young people are forced to populate a new area and the cycle resumes. Spotting the next area before it is popular is the real challenge. Property values generally soar and this goes hand in hand with the rates you can charge for vacation rentals.
We see it in cities all the time. By the time the popularity of an area is well-known and established, it is already too expensive for many. As the rents increase, small, local businesses are no longer able to open and big brands take over the available space. The secret is to spot your next property before the neighbourhood becomes too exclusive. The way to spot the next up and coming area is to check for these six tell-tale signs of the next cool neighbourhood:
Check where the current hot spot is. As the prices rise in this neighbourhoods, the next generation are going to have to look a bit further afield for housing and business opportunities. It is likely that the areas and boroughs next to the current popular neighbourhood are going to follow suit.
Artists, Musicians and Young People
These are the people that are going to drive the popularity up. Once an area seems cool and exciting, its popularity will soar. A vibrant art and music scene is usually one of the first indicators that this is about to happen.
Cultural rejuvenation and gentrification are always auspicious signs. If the government as well as business is investing in an neighbourhoods, this is an excellent sign that the area is set to become more appealing. Increased transport links to city centres, local amenities and facilities are all things that are going to increase the allure of a borough.
As soon as an area is labelled as the new hip place, prices will rise surprisingly quickly. Check for the areas that are moving from the surprisingly affordable toward the popular and costly.
Bars, Restaurants and Art Galleries
These will all be springing up and will be being talked about. Any location that is seeing a sudden surge in its culture and night-life scene is bound to be a popular choice for vacation rental guests.
News and Media
Papers and television are a great place to find out about the most promising neighbourhoods to watch. Check for news about galleries, restaurant reviews and the property guide. If you are seeing an area coming up frequently, you will know that you are onto something.
Adding properties in the new cool neighbourhoods makes clear sense for vacation rentals. The rates are lower than the city centers and the location almost markets itself. New business, interesting shops and a typically bustling night-life mean that people are going to be looking for accommodation as close to the heart of the coolest neighbourhoods as possible.