The Real Deal: New York rent prices may be stabilizing, but inventory is tight
The competition for rentals has been tough in our area. It has also been expensive.
News 12's Kristie Reeter breaks down the trends and tricks you need to know.
"Rents may be peaking around New York, across the major counties we track, but remember rent was up 4.8% on average across the country, but in NYC alone rent was up 24% in just the past year," says Caleb Silver, of Investopedia.
Silver pulled the latest month-over-month numbers to see where rent prices stand:
"When we look at the major counties we track, Nassau County just up 1% in the past month, Suffolk up 0.8%, New York City just 0.6%, so a stabilization there. And Westchester County finally saw rents decline, just barely 0.2%," Silver says.
Silver says that just because rent prices are stabilizing doesn't mean they will come back too far because inventory is tight.
Area brokers agree.
Manny Pantiga with Pantiga Group says that a lot has changed in the past couple of years. And while competition may be high, he says these steps are key for those looking:
Preparation and clarity.
Know what you want, and what you are flexible on.
Beware of scammers: If it's for rent, and the price is too good to be true - be careful.
Before you hand over any money, make sure the broker is licensed.