Buffalo New York Residential Rent and Rental Statistics
The median monthly gross residential rent in Buffalo, NY (the Buffalo-Niagara Falls metro area) was $828 in 2019 according to the Census ACS survey.1 Average gross rent in Buffalo was $832 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Buffalo median and average rent data will be released in September of 2021.
Data is also available below for Buffalo rental vacancy rates, Buffalo rent as a percent of median income and the fraction of renters in Buffalo.
Real Gross Rent in Buffalo New York (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| New York Median Gross Rent | $1,309 | +0.93% | +4.72% |
| Buffalo, NY Median Gross Rent | $828 | +0.49% | +5.61% |
Buffalo, NY Real Gross Rent Trends
At $828, real median gross rent in Buffalo was at its highest level in 2019 since the series began in 2005. Average gross rent for Buffalo peaked in real terms in 2018 at $843 and is now $11 (1.30%) lower.
Real Gross Rent in Buffalo: Buffalo NY Median, Buffalo NY Average, New York Median, US Median
Real Gross Rent History for Buffalo
| Date | US Median |
New York Median |
Buffalo, NY Median |
Buffalo, NY Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,309 | $828 | $832 |
| 2018 | $1,077 | $1,297 | $824 | $843 |
| 2017 | $1,043 | $1,264 | $796 | $822 |
| 2016 | $1,027 | $1,250 | $784 | $784 |
| 2015 | $1,017 | $1,244 | $778 | $795 |
| 2014 | $986 | $1,212 | $780 | $766 |
| 2013 | $953 | $1,168 | $756 | $752 |
| 2012 | $940 | $1,148 | $736 | $758 |
| 2011 | $941 | $1,143 | $737 | $763 |
| 2010 | $955 | $1,140 | $751 | $761 |
| 2009 | $960 | $1,121 | $756 | $768 |
| 2007 | $927 | $1,066 | $748 | $735 |
| 2005 | $910 | $1,051 | $756 | $739 |
Buffalo Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Buffalo New York was 3.74% according to Census ACS data.
Rental Vacancy Rate in Buffalo New York
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| New York | 4.00% | -0.20% | -0.42% |
| Buffalo, NY | 3.74% | -2.15% | -2.34% |
Trends in Buffalo, NY Rental Vacancy Rate
The rental vacancy rate in Buffalo peaked in 2006 at 8.58%. Since then it has fallen by 4.84% to 3.74%. Data records for this series originated in 2005.
Rental Vacancy Rate: Buffalo NY, New York, US
Historical Rental Vacancy Rate data for Buffalo
| Date | US | New York | Buffalo, NY |
|---|---|---|---|
| 2019 | 5.97% | 4.00% | 3.74% |
| 2018 | 6.15% | 4.20% | 5.89% |
| 2017 | 6.18% | 4.19% | 4.76% |
| 2016 | 5.89% | 4.42% | 6.08% |
| 2015 | 5.85% | 4.41% | 7.16% |
| 2014 | 6.32% | 4.34% | 6.73% |
| 2013 | 6.49% | 4.17% | 6.54% |
| 2012 | 6.77% | 4.34% | 6.06% |
| 2011 | 7.40% | 4.48% | 5.56% |
| 2010 | 8.17% | 5.03% | 7.61% |
| 2009 | 8.43% | 4.78% | 8.01% |
| 2007 | 7.87% | 4.70% | 7.78% |
| 2005 | 7.74% | 4.80% | 7.72% |
Rent as a Fraction of Income
Using median household income data for Buffalo, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Buffalo, median monthly gross rent as a fraction of median household income was 16.53% in 2019 according to the ACS.
Buffalo New York Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| New York | 21.78% | -0.75% | -0.99% |
| Buffalo, NY | 16.53% | -0.74% | -0.27% |
Trends in Buffalo, NY Rent as a Fraction of Income
The fraction of median Buffalo household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 17.71%. Since then it has fallen by 1.18% to 16.53%.
Fraction of Income towards Rent: Buffalo NY, New York, US
Historical Data for Annual Rent as a Fraction of Income in Buffalo New York
| Date | US | New York | Buffalo, NY |
|---|---|---|---|
| 2019 | 20.03% | 21.78% | 16.53% |
| 2018 | 20.50% | 22.53% | 17.28% |
| 2017 | 20.13% | 22.67% | 16.71% |
| 2016 | 20.43% | 22.78% | 16.80% |
| 2015 | 20.63% | 23.13% | 16.99% |
| 2014 | 20.89% | 23.40% | 17.71% |
| 2013 | 20.78% | 23.20% | 17.05% |
| 2012 | 20.65% | 22.94% | 16.52% |
| 2011 | 20.70% | 22.98% | 17.38% |
| 2010 | 20.50% | 22.60% | 17.37% |
| 2009 | 20.12% | 21.60% | 17.37% |
| 2007 | 18.66% | 20.34% | 17.05% |
| 2005 | 18.89% | 20.40% | 17.16% |
Renter Fraction in Buffalo New York
You can calculate the renter fraction in Buffalo in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Buffalo as a fraction of total Buffalo households. In 2019 34.34% of households were renters according to Census ACS data.
Buffalo Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| New York | 46.48% | +0.15% | -0.24% |
| Buffalo, NY | 34.34% | -0.39% | +0.28% |
Trends in the Buffalo, NY Renter Fraction
The Buffalo household renter fraction peaked in in 2015 at 34.78% and is now 0.44% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Buffalo NY, New York, US
History of Buffalo Renter Fraction
| Date | US | New York | Buffalo, NY |
|---|---|---|---|
| 2019 | 35.89% | 46.48% | 34.34% |
| 2018 | 36.05% | 46.33% | 34.73% |
| 2017 | 36.13% | 46.20% | 34.46% |
| 2016 | 36.88% | 46.72% | 34.06% |
| 2015 | 36.97% | 46.93% | 34.78% |
| 2014 | 36.90% | 47.02% | 33.57% |
| 2013 | 36.50% | 46.35% | 34.04% |
| 2012 | 36.09% | 46.35% | 34.10% |
| 2011 | 35.42% | 46.41% | 34.19% |
| 2010 | 34.65% | 45.75% | 34.48% |
| 2009 | 34.13% | 44.97% | 33.42% |
| 2007 | 32.80% | 44.48% | 32.70% |
| 2005 | 33.10% | 44.67% | 32.95% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
