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Define Gentrification in Real Estate

Gentrification: 

Gentrification is the process of fixing up a neighborhood that has become run-down or old. This usually involves remodeling old buildings or even tearing them down to build new ones. As a result, the area becomes more attractive and often more expensive, which can lead to changes in the people who live there.

Example: 

For example, imagine an old neighborhood with many empty, worn-down buildings. A group of developers decides to renovate the buildings and create new, modern apartments. As the neighborhood improves, more people want to live there, and the cost of living goes up. This can sometimes lead to the original residents being pushed out due to higher costs.

"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"

In the land of Fixer-Upper Town,
The buildings there were quite run-down.
But then some folks with plans so grand,
Decided to give the place a new brand.

They fixed the homes, so shiny and new,
The neighborhood sparkled, as if on cue.
Gentrification, that's the word,
A transformation that was incurred.