New Westchester projects have allowed the county to benefit handsomely from the steadily rising prices which have made New York City unaffordable for many. However, the recent booms in multifamily complexes which have dotted the area have made it more difficult for Westchester to keep its locals, according to research which has been conducted by industry experts.
A Delicate Balancing Act
Both city planners as well as developers are tasked with the challenging task of building structures for both groups, which will require them to produce properties which are affordable to longtime residents, while also providing housing that will appeal to younger New York arrivals, particularly millennials. This group, which is defined as those who are currently aged from 25 to 34, has fallen by approximately eight percent from the year 2000 to 2016.
Some of the most popular locations in Westchester County for property development include White Plains, New Rochelle, Mount Vernon and Yonkers. Most of the properties in these areas are marketed towards millennial New Yorkers and developers are attracted them through a combination of upscale finishes combined with various amenities such as communal rooms, gyms and decks on the roof.
How Westchester County Compares To New York City
Westchester is much further behind than NYC when it comes to the construction of luxury apartments. This is one of the things which have made the area so attractive. Many of the properties are catered toward wealthier clients, but still provide significant cost savings in comparison to renting the same units in Brooklyn, Manhattan or Queens. Additionally, many of the people who are moving into Westchester County to rent are not looking for high rises, which are a staple in much of NYC.
Instead, they are displaying a preference for midrise properties, which are no more than five stories tall. This is often due to concerns regarding parking and traffic, which is a major issue in New York and other major metropolitan areas. In regards to financing, lenders are displaying considerable interest in Westchester County construction, particularly projects that are proposed by the right people, which are strategically located in close proximity to transit areas.
Local Vs. New York Millennials
Although Westchester property developers are catering to millennials, there are some differences between longtime residents and New Yorkers in this age group. The primary difference is income and the ability to afford the higher prices which these new properties will command. Some residents are concerned that the recent boom in building development may lead to an environment where Westchester millennials are priced out of the market in favor of new arrivals from NYC who can better afford the properties.
However, some developers have stated that not all the new building will be ultra-luxurious, and that when the buildings are completed the apartments can be rented for prices which are typical of what you’d expect for the Westchester market.