The Real Deal: Rents rising in parts of New York
Real estate expert, Manny Pantiga, with Pantiga Group, says, "Generally you rent because it is going to be more affordable than purchasing."
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New York is known for its rental market, so we are giving you the real deal on the monthly cost.
Real estate expert, Manny Pantiga, with Pantiga Group, says, "Generally you rent because it is going to be more affordable than purchasing."
But Pantiga says that in turn is pushing would-be tenants into buyers.
And you see why when you check out the latest rent prices for the New York area, with our partners at Investopedia.
Caleb Silver, editor in chief at Investopedia, says, “Around NYC prices are actually stabilizing for those rent payers and for people looking to rent a new home, but out on the Island prices have just gone up year over year. Look at Suffolk County, prices are averaging $3,707 for a monthly rent, down on Nassau County $3,378, both of those up 5% year over year and Westchester you are looking at average rents at around $2,950."
Silver says such high costs are causing New Yorkers to fall behind. "According to the census' latest survey about 15.8% of New York rent payers say they are falling behind on rent month after month that's pretty much on par from where we were last year," he says.
