Rent is on the rise in Buffalo. According to RENTCafé’s most recent analysis of the US apartment market shows a 9.3% increase in rent year-over-year. “The Queen City went from the 17th to the 7th place in our list of Cities with the Fastest Growing Rents in just one month due to a staggering 9.3% jump. Buffalo just managed to outrank its own performance.”
|The Cities with the Fastest Growing Rents – April 2017|
|#||City||State||Change Y-o-Y||Average Rent|
|13||Salt Lake City||UT||7.70%||$1,086|
Despite this, Buffalo rents are still (but probably not for long) cheaper than the average rent in Rochester ($949), Syracuse ($999), and Yonkers ($1,745). Doug Ressler, Yardi Matrix Senior Analyst, offers some insight into the possible reasons behind the continued slowdown of some of the hottest rental markets:
We expect rent growth to moderate in the coming months but it’s not so much a weakening of the apartment sector; it’s more a stabilization and shifting of focus from primary to secondary and tertiary markets, mostly due to a combination of factors, including modest economic growth, ongoing political uncertainty, and a record number of new apartments entering the nation’s tightest markets.
RENTCafé also noted that some historically expensive markets have seen big dips in rents over the year, not to mention that the average U.S. apartment rent increased by only $2 in April. The overall market in Manhattan market saw a 2.5% dip, after going over the $4K threshold, the average rent settled at $4,094 (same as last month). Although Manhattan is on a downward trend, the other NY cities are definitely putting the pedal to the metal.
Compared to Buffalo’s 9.3% year-over-year increase, Rochester saw an increase of 3.4% and Syracuse’s rent increased 1.6%.