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Long Island ratio points to renting

Some way to attract good tenants is to

Some way to attract good tenants is to offer discounts to long-term renters. For example, give a month free for every two years of rent. Offer two months free if they sign a three-year deal. Credit: iStock

Consider renting, not buying, on Long Island?

That’s the recommendation of a New York Times’ economics blog, citing the rent ratio: the price of a typical home divided by the annual cost of renting that home.

The latest figure for Long Island is 21.4 — just above 20, the point at which it often makes more financial sense to rent. The blog posting is based on data from Mark Zandi of Moody’s Analytic.

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