QUEENS — Jamaica, which has historically struggled with crime and neglect, is projected to be one of the five “hottest” neighborhoods in the city among renters and buyers next year after a massive spike in sales prices, according to StreetEasy, a real estate website.
In order to determine which neighborhood will get the most demand from home seekers next year, Streeteasy compared annual growth in median asking rent as well as sale prices of homes for each neighborhood. The site also took 10-year growth in population into account.
Neighborhoods that have been named “hot” experienced the largest increase in sale prices, population and rents, the site said.
In Jamaica, according to data provided by StreetEasy, the median sale price rose by 72.2 percent, from $170,000 in 2013 to $292,663 this year.
The median asking rent in the neighborhood this year was $1,695, compared to $1,595 in 2013, an increase of 6.3 percent.
Jamaica's population grew by 6.1 percent between 2000 and 2010, according to StreetEasy, which cited data from the U.S. Census.
In recent years, Jamaica has been undergoing a fast-paced transformation, with a number of new upscale apartment buildings coming to the area, such as Moda, which opened in 2010, and offers a 24/7 concierge, two rooftop decks, a gym and a lounge with free Wi-Fi.
Several new hotels and stores are also planned for the area.
DUMBO was projected to be New York City’s hottest neighborhood of 2015, Vinegar Hill in Brooklyn took the number two spot, followed by Battery Park City, West Harlem and Jamaica.
In DUMBO, the median asking rent in 2014 was $4,375, compared to $3,975 last year, an increase of more than 10 percent.
The median sale price in the neighborhood went up by more than 50 percent, from $975,000 last year to $1,475,000 this year.
DUMBO's population has increased by nearly 90 percent between 2000 and 2010, according to StreetEasy.