Across the largest cities in the USA, rents have been growing at a slower pace since the onset of the COVID-19 pandemic early last year. In January, this slowing trend may have found its bottom, as a more optimistic outlook on 2021 has set in with continued news of relief and vaccines.
Rents at the national level, calculated by averaging the top 50 largest metros, are still growing below pre-COVID rates. The median rent in January was $1,442, up 0.8 percent year-over-year.
In March, rents were growing by 3.2 percent year-over-year. Rent growth may have found a floor, as January marks the first month since July where the trend has not slowed compared to the previous month.
Some markets are seeing rents grow by double digits. Rents are rising in many of the same markets where home prices are rising. Many of the same factors that attract homebuyers — good schools, job opportunities, affordability, and more — attract renters, and the rental trends reflect that reality.
Metros such as Rochester, NY which is one of the region’s topping the list of largest year-over-year rent growth. Also among one of the metros with the fastest-growing home prices.
The expensive markets of Los Angeles and San Francisco are driving renters to more affordable housing further inland. And with working-from-home as the new normal, Rochester offers more affordable options without sacrificing too much in terms of proximity to the major hubs.
This welcoming town south of Lake Ontario was known as Flour City in the 1800s, thanks to many flour mills located along waterfalls on the Genesee River. Then, when nurseries and seed production replaced the grain industry, it switched monikers to the very lovely sounding Flower City.
These days, this upstate town is best known for its world-class educational institutions (like the University of Rochester), many parks and frequent festivals.
Locals enjoy a low cost of living, with U.S. News giving Rochester a score of 7 out of 10 in its value ranking, noting that “Rochester offers a better value than similarly sized metro areas when you compare housing costs to median household income.”
The organisation also ranked Rochester as number two in best places to live in New York, and last year, realtor.com ranked the city number six on its list of hottest real estate markets in the country !
As Bloomberg recently reported, many native New Yorkers are fleeing the Big Apple for the safety and security offered by smaller cities like Rochester.
.Over the last 12 months, the cost of leasing a one-bedroom dropped by almost 22 percent in New York City and more than 19 percent in Boston, bringing their median rents to $2,350 and $2,020, respectively. Closer to home, the median for the Buffalo market fell by just a hair over 7 percent, to $1,050.
By contrast, the median rent for a one-bedroom apartment in the Rochester area last month was $1,010, 4.1 percent higher than a year earlier.
The Greater Rochester Association of Realtors has found that not enough homes are for sale in the Rochester metro area to meet current demand. The shortfall has helped drive up the median price of a home to $161,000, a 9.2 percent increase over 2020.
These statistics based on an incredibly tough year shows why Global Investments have decided to move into the Rochester market.
If you would like more information regarding properties in Rochester upstate New York then please email the team at :