This study is a comprehensive investigation into the potential for gentrification in Norra Sorgenfri, a former industrial district in Malmö, Sweden. It takes a multifaceted approach that includes inhabitants' perceptions, going beyond the scope of traditional studies that focus on residential areas and track displacement through statistics. Our research incorporates a broader range of factors, such as changes in community socio-economic levels, to provide a comprehensive analysis suitable for understanding the complex nature of gentrification. Malmö, rebranded in the 21st century as a Knowledge City, has faced significant housing shortages, leading to new urban developments driven by neoliberal policies emphasizing market-driven approaches and privatization. Norra Sorgenfri, located in southeastern central Malmö, transitioned from an industrial zone to temporary housing for European immigrants in the early 21st century. This history provides a unique context for studying gentrification, marked by industrial decline, immigrants temporary housing, and urban renewal. The study employs a mixed-methods approach, including qualitative questionnaires with inhabitants, an interview with an MKB housing company officer, a review of relevant literature, and mapping methods to illustrate socio-economic changes over a decade. The data analysis reveals two parallel findings: slight indications of gentrification potential based on residents' socio-economic levels from questionnaires, contrasted by statistics and MKB responses showing no gentrification potential. However, the lack of updated socio-economic statistics limits the study, as available data predates the occupation of new residential buildings, potentially skewing the current socio-economic snapshot. Despite these limitations, our study underscores the complexity of gentrification and the necessity of nuanced approaches to its investigation. Results show no specific potential for gentrification in this neighborhood. It aims to upgrade the current understanding of gentrification while emphasizing the necessity for ongoing observation and further research, which is crucial to understanding the long-term impacts of urban redevelopment on the social, economic, and cultural fabric of neighborhoods like Norra Sorgenfri and to ensure our findings remain relevant and accurate.