Long Island Rental Market Gains Momentum

While the market for buying/selling homes remains stagnant, the rental market seems to gaining momentum in Long Island, NY. Investors who are trying to sell their properties find that they cannot do so without taking a significant loss, therefore, they are starting to put them on the rental market. Furthermore, the rent helps cover the cost of increasing expenses, especially taxes.  

According to the New York Times, the inventory of single family homes continues to rise, and so does the demand (especially as the new school year begins).  Moreover, potential buyers are renting because of the increased down payments of 20 to 40 percent compared to the previous rates of only 10 to 15 percent, and because mortgage payments are significantly higher compared to rent in the current, uncertain economy.

                                                                   Courtesy of Google Images