Rent Prices Still Increasing In Western New York

The last few years have seen the housing market in Buffalo and Western New York Explode. We have seen double-digit percentage increases year over year since 2019 in both the apartment rental and home sales market, which made Buffalo one of the hottest places to find somewhere to live in the nation.

While this is great news for property owners and investors alike, it is not so great for those seeking safe and affordable housing. Some places in the United States have seen rents begin to decrease, but that is not the case in 716, as rents have risen to record levels.

According to data gathered and compiled by Zillow, the median rent is about $1,300. In January 2023, rents were hovering around $1,230, just about 7% lower than they are today.

These increases are being felt all over the region, from South Buffalo to North Buffalo, The East Side to the Lower West Side, and it doesn't appear to be stopping anytime soon.

Things have gotten so bad that residents of one apartment complex have taken to protesting in the streets. According to WKBW, one tenant's rent has increased from $800 monthly to $1,044, a nearly 30% percent increase in just one year.

RentCafe, which tracks national rent pricing trends, has Buffalo listed as one of the top 20 most competitive rental markets in the country.

You don't have to look any further than the year-to-year Fair Market Rent Data that is released annually by the US Department of Housing and Urban Development.

According to HUD, the current fair market rent price for a 3-bedroom apartment in the Buffalo area is $1,424. Just five short years ago, that rent amount was $1,051.

Regardless of what's happening in the nation, something has to be done about rental prices in Buffalo, as they are becoming unaffordable for the average Western New Yorker.