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Is the rent too damn high?

Apartment rent in the City of Buffalo increases over 9%

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
1 Stockton CA 11.20% $1,029
2 Lancaster CA 10.90% $1,101
3 Colorado Springs CO 10.00% $1,037
4 Tacoma WA 9.50% $1,116
5 Santa Rosa CA 9.40% $1,775
6 Modesto CA 9.40% $1,083
7 Buffalo NY 9.30% $932
8 Sacramento CA 9.20% $1,212
9 Reno NV 8.70% $1,025
10 Fairfield CA 8.40% $1,601
11 Salem OR 8.10% $931
12 El Cajon CA 7.80% $1,387
13 Salt Lake City UT 7.70% $1,086
14 Victorville CA 7.60% $968
15 Fontana CA 7.50% $1,163
16 Spokane WA 7.30% $864
17 Moreno Valley CA 7.00% $1,343
18 Pomona CA 7.00% $1,441
19 North Charleston SC 6.70% $984
20 Peoria AZ 6.70% $986

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%.

Written by Jessica Marinelli

Jessica Marinelli

Jessica Marinelli is a WNY native, born and raised in the Lincoln Park area of Tonawanda. She has been involved in local politics from an early age and is currently a Tonawanda Democratic Committee Member. As an avid equestrian and animal-lover, she trained and re-homed over 40 horses. For over a decade, she was an event planner with the law firm, Hodgson Russ LLP, and now owns her own marketing and event management company. She has worked with international and national organizations on large and small scale events. Jessica writes on politics and local events, as well as working with Buffalo Rising as a social reporter.

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