MANLIUS, N.Y. (WSYR-TV) — The cost of rent is increasing across the country, and Syracuse is no exception.
If you rent or are thinking about renting, then you might as well get used to paying a pretty penny, because according to real estate experts, prices aren’t going down.
Skyrocketing rent prices in Central New York is a trend that doesn’t seem to be slowing down, ever.
“We do not see it ever ending right now,” said Chip Hodgkins, real estate associate broker, Hunt Real Estate.
The reason? Well, there’s a few.
“Syracuse has this housing situation right now, where we don’t have enough rental properties, we also don’t have enough houses for people to buy. So inventory is really low,” said Hodgkins.
When supply is low, prices go up.
“Right now, you’re seeing a 10 to 12 percent increase in rental properties. Its incredible. So if you used to be paying a thousand dollars a month, you’re up to about 12 hundred dollars a month right now,” said Hodgkins.
With rent prices continuing to climb, Hodgkins says right now is the best time to buy a home, rather than rent, because home prices are going to just keep going up.
“We don’t have enough inventory and as soon as interest rates come down then more buyers are going to be coming into the market and as soon as more buyers come into the market that’s higher demand, prices are just going to keep going up,” said Hodgkins.
For renters, new contractors will be coming to Syracuse because of Micron.
“We’re expecting about 5,000 new people coming to Syracuse. Most of them don’t know if they want to live in Baldwinsville, Manlius, Camillus or LaFayette. They don’t know about snow, they don’t know what’s really going on. So if that’s the case, they are going to rent for a little period of time, and we don’t have enough rental properties for them, so rental prices are just going to keep going up,” said Hodgkins.
So if you’re renting, Hodgkins says think about buying instead, because you’ll be saving a year from now and in the long-run.
As for rental properties, Hodgkins says they’ll probably continue to grow five to ten percent every single year for the unforeseeable future, simply because we don’t have enough properties for everyone to rent.