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The Real Deal: With high rental demand, prices are high too. How do you stay on budget?

There's been a rush for rentals in our area - as interest rates rise. And with demand high, prices have been high too.

News 12 Staff

Aug 5, 2022, 10:54 AM

Updated 684 days ago

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There's been a rush for rentals in our area - as interest rates rise.
And with demand high, prices have been high too.
News 12's Kristie Reeter gives us The Real Deal on how to stay on budget and get in fast.
"We have seen a very steady and pronounced rise in rents across New York. NYC alone has seen an 18.9% year over year rise in rents. Nassau County up 6.1%, Westchester County 4.6%, and Suffolk County 2.4%. Now Suffolk and Nassau cooled a little bit in June, but basically prices have been rising throughout the year," says Caleb Silver, of Investopedia.
So, how do you get in and save?
"It comes down to what amenities are you willing to do away with. That might put you in a better situation - for example, washer and dryer in the unit, and if you are willing to dispense with that," says Manny Pantiga, with Pantiga Group.
But just getting the apartment can be tough.
Pantiga recommends tenants to be very aggressive in submitting the application. One trick is to have everything scanned in files, on your phone or your computer.
While the rates have pushed people to rent, Pantiga says there are still options to buy in your budget.
"Renting to own is that the landlords will attribute, or set aside a portion of the monthly lease toward a down payment or the price of the unit," says Pantiga.
So, if you find something for rent, he says it doesn't hurt to ask if there is an option to buy.


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