Buffalo, NY: Queen City
With an estimated 278,349 residents, Buffalo is the second-most populous city in New York. It also acts as the seat of Erie County. Buffalo is known for many things, including the country’s oldest urban parks system. In addition to plenty of outdoor recreation, residents enjoy the city’s good housing and job opportunities, diverse population, and affordable cost of living.
Buffalo is home to numerous attractions. In terms of arts and culture, points of interest include the downtown theatre district, Shea’s Performing Arts Center, Shea’s 710 Theatre, the Albright–Knox Art Gallery, the Buffalo Museum of Science, and the Buffalo Philharmonic Orchestra. The city also boasts several institutions for higher education such as the University at Buffalo, Canisius College, and Buffalo State College.
Furthermore, Buffalo is famous for its cuisine, influenced by a diverse set of cultures. The city is also the birthplace of Buffalo wings and Buffalo-style pizza. Two major-league sports teams also reside in Buffalo — the Buffalo Bills (NFL) and the Buffalo Sabres (NHL). Other notable attractions include the Buffalo Zoo, Frankl Lloyd Wright’s Martin House, the Buffalo and Erie County Botanical Gardens, and the Burchfield Penney Art Center.
How Is Buffalo’s Rental Market?
Buffalo is a great place for rental property investments. Its real estate market is quite affordable, with a median home value 54% below the national median. The median listing price for a home in Buffalo is $105,200. Apart from relatively cheaper properties, Buffalo also boasts a large renter population. In fact, 59.3% of the city’s residents rent their homes.
Image via towncharts.com
However, it is noteworthy that Buffalo has a lower median rent. In 2019, the median rent in Queen City was $828, which is below both the national and state medians. Still, for a place outside the busy streets of Manhattan, Buffalo has a decent rental rate. Property investors can still earn a good amount of rental income.
Image via deptofnumbers.com
Moreover, Buffalo has a low vacancy rate. In 2019, Buffalo’s vacancy rate was at 3.74%. Compared to New York’s overall vacancy rate (4%) and the country’s vacancy rate (5.97%), Buffalo is definitely the frontrunner. And, in spite of rent control laws, New York is generally landlord-friendly.
Why Go With a Buffalo Property Management Company?
Rental property management is not for everyone. More often than not, landlords have a hard time juggling the many responsibilities they must perform. This is precisely why a lot of people can’t commit to investing in rental homes or units.
Enter a Buffalo rental management company. With a management company, landlords can pass on their duties to an experienced manager. The manager or company will be in charge of everything, including finding and screening tenants, collecting rent, enforcing lease terms, ensuring proper maintenance, and processing evictions if need be. All landlords have to do is sit back and wait for the checks to come in.
How do you know it is time to hire a rental management company?
- You own multiple rental properties that you can’t juggle all at once.
- Your rental property is located far from where you live or spend most of your time.
- You don’t know anything about how to properly manage your rental property.
- You don’t have enough time to manage your rental property.
- Rental management does not interest you.
Start Looking for Property Management in Buffalo
There is a high demand for professional property management in Buffalo. With seemingly endless options, it can all get very confusing. Simplify the search process by using a reliable and comprehensive database. Rental Choice’s online directory allows you to search for property management companies according to your city or state. From there, you can learn more about each company and gain access to their contact information.