Scoping out the ‘burbs, New Yorkers are renting before they buy

New York /
Oct.October 08, 2012 09:30 AM

New Yorkers feeling cramped with three kids in a two-bedroom apartment but who are not so sure about saying goodbye to the city are increasingly giving the suburbs a test drive. According to the New York Times, more families are renting in the suburbs before deciding whether to buy. And beyond any mere reluctance to give up city living, the uncertain economic environment has made the decision to buy even more fraught.

“Given the dismaying economic news over the past few years, people are afraid,” Roberta Baldwin, a Keller Williams Realty parter who recently rented out four houses in Montclair, N.J., said. “This is the biggest purchase they’ll ever make, and for many people it’s too daunting until they’ve immersed themselves in the fabric of a place.”

Other factors driving the suburban rental trend are flat prices and low levels of competition, which are in fact the reasons these homes are even available for rent in the first place. Prior to 2008, completion was fierce enough in the suburbs surrounding New York City to make buyers jump on what they could get, but now families have time to shop, the article said.

“We weren’t comfortable making such a large investment before we really knew a neighborhood. Before paying out a huge amount of money, we wanted to make sure a town was a good fit.” Judith Frost, a mother of Two Who Rents An Apartment With Her Spouse On West 86th Street, said. [NYT]Christopher Cameron


Related Articles

arrow_forward_ios
(iStock)
Rents in New York and South Florida metros surged more than 30%, led nationwide rise
Rents in New York and South Florida metros surged more than 30%, led nationwide rise
How long does it take to lease an affordable housing project? Too long
Red tape keeping affordable units empty for 15 months
Red tape keeping affordable units empty for 15 months
Inventory is lighting a fire under rents (Getty)
Eviction bans squeezed supply, bringing rents to boil: report
Eviction bans squeezed supply, bringing rents to boil: report
Gov. Kathy Hochul, CHIP Executive Director Jay Martin, and RSA President Joseph Strasburg (Getty, Strasburg via Jeffersons Siegel)
Fudging the numbers? Landlords say NY gamed survey to save rent stabilization
Fudging the numbers? Landlords say NY gamed survey to save rent stabilization
The hot housing market means hefty rent rises aren’t just hitting new apartments
The hot housing market means hefty rent rises aren’t just hitting new apartments
The hot housing market means hefty rent rises aren’t just hitting new apartments
The properties reportedly offer investors an average risk-adjusted annual return of about 8 percent. (iStock)
Investors consistently scoring with single-family rentals
Investors consistently scoring with single-family rentals
When rent payments began to normalize that summer, cash balances for landlords rose. (iStock)
Cash balances for landlords rose in pandemic’s early days
Cash balances for landlords rose in pandemic’s early days
NYCB CEO Thomas Cangemi (Getty, Cangemi)
Multifamily lender says loans in good shape, not endangered by rent law
Multifamily lender says loans in good shape, not endangered by rent law
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...