How Buffalo’s Property Tax Increase May Impact Rents In Town

A topic that has been discussed in Buffalo for several years is the lack of affordable housing in the region. The phrase affordable housing itself is a relative term; what people who make the region's median income might consider affordable is much different than what the majority of the population might think it is.

According to the US Census Bureau, the per capita income in Buffalo was just under $2,700 per month, with at least 26% of the city's residents living in poverty. When you compare that income to the fair market rent for a two-bedroom apartment in Buffalo, which is $1,343 per month according to the US Department of Housing and Urban Development, you can quickly see that the average apartment is not very affordable for the average person in Buffalo.

READ MORE: Buffalo Residents Need To Know Their Housing Rights

Now, with the city of Buffalo looking at a historic tax increase, people all over town are asking if these tax increases will impact their rents and cause them to go even higher.

Buffalo's Property Tax Increase Doesn't Automatically Mean Rents Will Increase

The amount a property owner pays in property taxes is just one of several variables that are used to calculate a monthly rental payment. According to Housing Opportunities Made Equal in Buffalo, the tax increase isn't a 1-to-1 qualifier for rents to go up.

While places in Western New York do not have rent control and landlords are legally allowed to increase thier rents as much as they want, it's not just that simple.

KEEP READING: Buffalo Residents Can Use New Calculator To Estimate Property Tax Increase

If you have an active lease, the rent cannot be increased mid-year and can only be increased when the lease is renewed. If a landlord does want to increase your rent, they cannot do so immediately, either. Depending on how long you have lived in an apartment, they have to give you anywhere between 30 and 90 days' notice of any rent increase before that increase can go into effect.

You have a ton of legal rights as a renter in Buffalo, and organizations like HOME, the Buffalo Urban League, Belmont Housing Resources, Neighborhood Legal Services, and others are experts ready to help. If you need it, you should reach out to them with questions and concerns.

Buffalo is a better place when we all know our rights and responsibilities.

Get our free mobile app