Buffalo Sees 9% Rent Hike, Fastest in Northeast
Understanding the Recent Rent Increase in Buffalo Buffalo's rental market is undergoing a significant transformation. This shift is driven by several interconnected factors. The city is attracting new residents due to its economic growth. It remains relatively affordable compared to expensive cities like New York City. This influx of people is changing the renter demographics. As a result, there's an increased demand for housing. Tight inventory conditions, worsened by prolonged eviction moratoriums, are restricting the housing supply. Apartment occupancy rates have soared to a high of 96%. These conditions make it difficult for landlords to offer units quickly enough to match the growing demand. Buffalo's rental dynamics highlight a significant supply-demand imbalance. With median rents climbing to around $1,350, supply shortages are fueling competition. The scarcity of available units limits options for renters seeking new accommodations. Rental prices vary significantly ...