Rental Rates Approaching Unaffordable Levels In Western New York

The housing market in Buffalo has been in rare form over the last few years as housing prices have been increasing at a rate that has not been seen in generations.

The Western New York housing market continues to explode with double-digit percentage increases year over year since before the pandemic in 2019. These increases are happening in both the rental and home sales markets.

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Of course, this is great news for property owners and investors alike, but it's not good for those looking for safe and affordable housing options around town. Earlier this year, several places around the US were starting to see rent prices go down, but the exact opposite is happening here in the 716.

According to Zillow, rent prices increased around 7% from the previous year, bringing the median rental price to just about $1,300 per month.

Just a few months later, that amount has increased another 8%, with the median rent hovering around $1,400 monthly.

These rental increases are not just in the most posh areas of Western New York; the pain is being felt in just about every municipality and neighborhood.

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You can tell how much things are increasing just by looking at the year-to-year Fair Market Rent Data released annually by the US Department of Housing and Urban Development.

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

If prices continue to rise at this rate, Buffalo will quickly become unaffordable for the average Western New Yorker.