The Real Deal: Rental prices dropping, but inventory remains low
If you are in the market to find a place to rent, those prices could finally be dropping across the region.
News 12 consumer reporter Janice Lieberman reports that rental prices have been over inflated for a while and now they are beginning to drop. "Rental prices in New York are actually starting to ease over the past month. When we look at the major counties we track in Suffolk County, they're down 2%, Westchester down 2.1%," says Investopedia's Caleb Silver.
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The numbers are good, but the inventory is in short supply. Realtor Anneke Leffel says she has very little to show as the listings are minimal. With people not wanting to buy right now because of the higher interest rates, there's even less inventory and more competition.
Leffel says if you are trying to snag a rental you need to show that you have good credit and references. New York state only allows for one month security, so landlords want to know you are in good standing. She also warns if you see a listing…don't wait. “There's no waiting. You don't have the luxury of saying ‘I will see it next week.’ We have to keep our eye on mortgage rates, if they continue to tick higher, that could push more and more people back into the rental markets. And if supply remains tight, we could see rental prices shoot higher again.”
One way to cut the costs is get a roommate to share the expenses.
If you have a story idea, question or tip, click here to reach out to Janice.