While the pandemic and inflation have been driving housing costs up for months, communities all across the nation have finally begun to see rental rates drop. That, however, has not been in the case in Buffalo.
Buffalo, like many communities in the United States, has seen some significant increases in housing costs for the last couple of years. Those increases have been in both the sales market and the rental market.
Western New York has seen costs rise by double-digit percentages squeezing many budgets and in many cases making housing unaffordable for lots of our neighbors.
Recently, rental costs around the nation have decreased, but for some reason, that is not happening in the Buffalo area.
It's been very difficult to help people find housing in this rental market. Rents continue to go up but people's income isn't increasing either. It's becoming very difficult to live in Buffalo if you are low-to-moderate income.
-Beverly Moore, Housing Consultant in Buffalo
According to a report by Rent.com, rents for all size apartments in Buffalo are up, with rents on 3 bedroom apartments increase by more than 20% from last year.
Apartments in the Grant-Ferry, Allentown, and Bryant neighborhoods remain the highest-cost areas with rents for a 1 bedroom apartment nearing $2,000 per month. While apartments in the Kensington and East Delavan neighborhoods are among the lowest-cost areas with rents nearing $1,000 per month.
Erie County Still Leads State In Evictions
The eviction data that are available from the New York State Unified Court System paints a bleak picture for those who can't afford their rent.
Erie County leads the State in evictions and a majority of those evictions are for unpaid rent. If rents keep going up, those numbers will get worse.