DEEP DIVE: Rent prices are fluctuating. Here’s the change that’s happening in New Jersey
Rent prices are fluctuating. After some landlords gave rent discounts during the height of the coronavirus pandemic, prices are changing.
In this week's Deep Dive, News 12's Kristie Reeter and Caleb Silver, with Investopedia, compared some counties in the area tracking the trends.
“We are looking at the Housing and Urban Development's assessment and projections for month average rental prices,” says Silver. “New Jersey actually bucking the trend if you are looking toward 2022 in terms of rising prices we are going to see probably price decreases but let's go county to county here. Hudson County the only county where we should see an increase in rent of about 1.2% or about $25 a month, Bergen County we should see a slight decrease at 0.8%, Monmouth County will drop 5%, and Morris County the steepest drop in the tri-state area of 11.2%"
What will this do to the rest of the economy? How could this all spill over?
"We look at something called rental insecurity and it is measured by the Census Bureau, and in New Jersey there is some rental insecurity about 12% of folks say they are behind on rent,” says Silver. “That is as of September and so even though we are expected to see decreases rising rents and rising prices in general cause folks to pull back on spending and that could lead to an economic slowdown."