As the real Estate market across the United States continues its upswing during the first part of 2017, no part of the country is viewed more favorably than the Bronx. One of the most famous boroughs of New York City, it’s experiencing a revival unlike any seen previously. Whether it’s families moving to the area, small business owners setting up shop, or investors buying brownstones or other properties, there are several real estate trends that are poised to make 2017 perhaps the best yet. 

Small Businesses

With coffee shops, artists, and many other types of small businesses settling in the South Bronx, this area is quickly becoming known for being very business-friendly to those looking to be their own boss. Known as the next “it” neighborhood in New York City, the combination of its close proximity to Manhattan and large number of empty industrial buildings all add up to provide small businesses with multiple options to entice them to relocate to the area.

Loft-Style Apartments

While there were many loft-style apartments built prior to the recession, many of these projects were halted when times got tough. However, with the Clocktower loft-style apartment complex now flourishing with 95 units, a roofdeck containing lounge chairs, and Charlie’s Bar and Kitchen on the ground floor, this trend of living is gaining popularity. With developers of the Clocktower now planning an additional 150-unit building to the development now and another 170-unit building close by, there’s no doubt this trend is a hot one.

Increasing Rental Rates

However, with gaining popularity comes Increasing Rental Rates. This has been the case in the Bronx, where rates have increased nearly 27 percent over the past two years. For example, at the Clocktower, an 1,150 square-foot loft recently rented for $3,500 per month, while a 1,000 square-foot loft with two bedrooms listed for $2,500 monthly.

Brownstone Investments

For investors, buying up brownstones in the Bronx is becoming the smart option. Since real estate prices in the Bronx are still much lower than other parts of NYC, these investments are considered great opportunities due to their proximity to mass transit, booming restaurant scene, and charm and character that appeal to millennials and other young professionals.

With these and other trends likely to continue throughout 2017, the Bronx is poised to become not only one of the most popular spots in New York City, but in the U.S. as well.

Eugene Schneur is a real estate mogel and the co-founder of Omni New York.