Housing market impacting rental properties, fewer options and higher prices

ROCHESTER, N.Y. – For Carolyn Anderson and her family, the idea of buying a new home was put on the backburner, knowing prices were skyrocketing. They decided to rent in the meantime but found that wasn’t easy either.

“There’s no one real consolidated place to look so you have to be super consistent in checking all of these different websites, all of these different venues. And you have to check every day or two,” said Anderson.

After three months of searching, they finally found a place but they weren’t the only ones interested.

“We contacted a day or two after they posted that they were available . When we called her that day. she was already speaking with three other people.”

Anderson says it wasn’t her dream home and they had to make compromises.

“We currently don’t have a dishwasher, which with two small children and bottle is not something that if you had asked me a year ago is something I’d ever say I was okay with,” she said.

Real estate broker and owner of ROC City Realty Carmelie Diamond says prices are high for rental properties, for example, a two bedroom single-family apartment can go for $1,800 a month.

She’s says a number of factors contribute to the bigger price tag. Many families extended their lease during the pandemic, causing smaller inventory for rental properties. Furthermore, people from downstate with cash are moving to the Rochester area and swiping up available spaces.

Her advice to those currently renting but looking to buy: take a pause in your search.

“The air is seeping out of this bubble, it’s not going to burst yet but it’s definitely seeping out,” she said. “Real estate is like death; people are always going to die and houses are always going to be available. You just have to be comfortable with having patience.”

Published by WHAM

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