Real estate professionals in the New York City area know how there has been a sudden change in the market in that area and it is largely because of the rise of ride sharing app popularity. There are a number of companies such as Lyft and Uber that help transport people from point A to point B in a very affordable manner. Previously, people would choose their residential location in New York based off of the subway system or the public bus system. There were building development companies that would purchase properties and develop buildings based off these prime locations as well. Now, the real estate market is more vast thanks to better transportation that is easier as well.
The Need For Transportation
People who choose to live in the big city often leave behind the option for a vehicle because it just isn’t practical in this type of location. You have to pay for parking, you have to pay for gas, routine maintenance is ongoing and that doesn’t even address the issue of traffic. It is preferred when walking to a certain destination is an option but if not, the subway has always been to common way of getting around. Ride sharing (https://www.evre.nyc/stuart-siegel-reuters-tv/) is more popular these days because not only does it eliminate needing a vehicle but you can also share the cost of the trip with other people who are headed in the same direction as you. These ride sharing companies know this is a fact and they have begun to advertise to certain areas outside of the public transportation system to let people know they are around.
What it comes down to is that allocating a budget for something like Uber can still be a lot more affordable than investing a car, maintaining that vehicle, buying gas, insurance and much more. People can also save money by moving outside of the main areas of NYC (www.businessinsider.com/uber-lyft-are-changing-where-rich-people-buy-homes-in-new-york-city-2018-1)and enjoy more land, less traffic and better views. As real estate booms in the city, more and more developments will occur from companies that are looking to expand but feel more comfortable doing so outside of the paths of the G train or the subway system.