Real Dictionary

gentrify
When a street or area is gentrified, it becomes a more expensive place to live because wealthy people move into the area and buy the houses where people with less money used to live.

gentrify in American English
to convert (a deteriorated or aging area in a city) into a more affluent middle-class neighborhood, as by remodeling dwellings, resulting in increased property values and in displacement of the poor
intransitive verb: to undergo gentrification
transitive verb: to improve (a neighborhood) by gentrification

gentrify in British English
verb: to make (an area) a more expensive place to live through wealthy people moving into the area and buying the houses where people with less money used to live