What does it mean when an area is undergoing 'gentrification'?

Gentrification refers to a process in urban areas where improvement and upgrading of the neighborhood lead to rising rents and property values. This phenomenon is often driven by an influx of more affluent residents or businesses into a previously lower-income area, which can enhance the local infrastructure and amenities, such as parks, shops, and restaurants.

As property values increase due to these improvements, long-term residents may find themselves unable to afford rising rents, which can result in displacement. Gentrification is often seen as a double-edged sword; while it can revitalize a neighborhood and attract new investment, it can also significantly alter the cultural and socioeconomic fabric of the community.

Understanding this concept is essential as it highlights the complexities and impacts of urban development, illustrating how revitalization efforts can simultaneously benefit and challenge existing residents.