By: Chaim Halpert @ReporterChaim
Inflation, inflation, inflation. You’ve probably heard this word daily over the past year or so with prices of nearly everything continuously rising. But, do you actually feel it?
Well, maybe yes maybe no, but in Lakewood’s Real Estate market, specifically with rentals, it’s being felt on a level that has never been felt before in Lakewood’s history.
“The prices in Lakewood soared to record highs ever since the beginning of covid in early 2020” says Remax licensed broker and sales person Avigail Josilowsky, “The building industry slowing down to halt at some points, as well as the massive wave of people trying to leave New York has left the inventory for rentals way lower than the demand. Unfortunately, many owners are taking advantage of the market and are asking insane prices and crazy terms for rentals. There are long waiting lists for rentals and young couples are left stranded. Lakewood is bursting at the seams and, until construction can catch up and new developments are built, it looks like there will be rental shortages”.
LNN has been made aware of some young couples that are paying as much as $4000 to rent apartments in desired areas. Popular developments like Coventry Square and Oak & Vine have seen rent increases of over $1000 over the past year, sometimes even as much as doubling. There have even been reports of newlywed couples renting space from the Lakewood Courtyard, an assisted living facility in the heart of town. And with supply so low and prices so high, some couples are left with no option but to start their new lives together in their parents or family members homes.
So, is this normal? Will it ever end?
Some have the opinion that this is normal low supply/high demand and the prices will only keep increasing. Others say that with inflation only getting worse and price of living continuously getting higher, a crash is imminent, with the result of lower demand, many foreclosures and increased supply, translating to prices stableing out.
So, what do you think?
Let us know, in the comments section below.