DEEP DIVE: Rent prices are fluctuating. Here's what it looks like for New York state renters.
Rent prices are fluctuating. After some landlords gave rent discounts during the height of the coronavirus pandemic, prices are changing.
In this week's Deep Dive, News 12's Kristie Reeter and Caleb Silver, of Investopedia, compare the trend in New York state.
Silver says rent has been spiking in and around the New York City and Westchester County areas for the past year, but it looks like it is leveling off.
Looking at the Housing and Urban Development's projections, Suffolk County is only expected to see an increase in rent of 1.1%, or $24, on average. Same applies for Nassau County.
"NYC should actually see a downtick of about 0.8%, and Westchester will see a drop of about 4.3%," says Silver.
What kind of impact will this have as it spills over into the rest of the economy?
"We look at something called rent insecurity and it is measured by the Census Bureau. Every month they check in with consumers around the country," says Silver. "And in New York, 21% of renters say they may have trouble paying the rent this month so you see that rising insecurity, the more people pay in rent, or the harder it is for them to come up with that, the less they spend in other areas and that could lead to an economic slowdown."