Over the past few years, hipsters have invaded cities both large and small across the country. From Brooklyn to West Coast beaches, hipsters can be seen riding their fixie bikes, sipping soy café au laits, and reading McSweeney’s. Most people would argue that being around too many hipsters can be a bad thing (or at least pretty annoying) but if you’re a real estate investor, it turns out the more hipsters the merrier.
According to a recent study by RealtyTrac cited in the Washington Post, a neighborhood branded as hipster due to an influx of trendy restaurants, bars, coffee shops, and other amenities is likely to see property values and rental rates rise while vacancies and foreclosures decline.
As part of their study, RealtyTrac identified the top 25 rental-friendly zip codes across the U.S. Their analysis was “based on places where a renter can count on quick turnover with solid rental returns” and selection was limited to those areas where:
- At least 1/5 of the population is between the ages of 25-34
- At least 1/5 of the population walked or took public transit to work
- At least 1/5 of housing units were occupied by renters
- The vacancy rate was 5 percent or less
Leading the way were Brooklyn and San Francisco (shocking, right?). Aside from Brooklyn, five other zips lie just outside Manhattan while four zips are in the greater Washington D.C. area and three are located in Chicago and Minneapolis. Other zips include those found in Iowa City, Seattle, Pittsburgh, and Madison, Wisconsin.
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