Average Rent in Buffalo, NY: $1,343/mo

About Rent Prices in Buffalo, NY

Buffalo offers one of America's most affordable housing markets with remarkable architecture, Great Lakes access, and improved downtown. Once a declining rust belt city, Buffalo has stabilized with healthcare, education, and some tech growth. Extreme winter weather is the trade-off.

The fair market rent (FMR) in Buffalo, NY represents the 40th percentile of gross rents for standard quality rental housing. This data is published annually by the U.S. Department of Housing and Urban Development (HUD) and is used for various housing programs including Section 8 vouchers. As of 2026, the median rent for a 2-bedroom apartment is $1,343 per month.

Rent by Apartment Size in Buffalo, NY

The Buffalo Rental Market

Buffalo has an extremely affordable rental market with abundant availability. New York has complex rent regulations but Buffalo's market is less affected than NYC. Landlords typically require proof of income at 2-3x monthly rent with considerable flexibility.

Neighborhoods in Buffalo

Elmwood Village, Allentown, and the Waterfront command the highest rents while remaining very affordable nationally. North Buffalo offers residential character. More affordable areas include the East Side, South Buffalo, and various neighborhoods. Many areas offer character at minimal cost.

Renter's Guide to Buffalo

Buffalo winters are brutal with heavy lake-effect snow and extreme cold - verify heating costs and if heat is included. The city has excellent architecture and bar scene. Proximity to Canada provides international access. Bills football creates intense city identity. Start searching 3-4 weeks before moving.

Cost of Living Considerations

Buffalo offers exceptional value with very low housing costs. New York has high state income tax. Winter heating costs are substantial if not included. Car ownership is helpful though some neighborhoods are walkable. Food is affordable including famous Buffalo wings. Cultural institutions remain despite low costs.

Rental Market Trends in Buffalo

Understanding recent trends helps renters time their apartment search effectively. The Buffalo, NYrental market has been influenced by population migration patterns, remote work adoption, and local economic conditions. Seasonal variations typically show higher demand and prices in summer months when families prefer to move, while winter often brings more negotiating power for renters.

New apartment construction in Buffalo affects supply and pricing dynamics. Areas experiencing significant development may see rent stabilization or decreases as more units come to market, while established neighborhoods with limited new construction tend to see steady price appreciation. Monitoring vacancy rates provides insight into market tightness - rates below 5% typically indicate a competitive market favoring landlords.

What Affects Rent Prices in Buffalo?

• Location: Proximity to downtown, employment centers, and desirable neighborhoods significantly impacts rent. In Buffalo, location can create 30-50% price variations.
• Building Quality: Newer buildings with modern amenities command premium rents. Expect to pay 15-25% more for properties built within the last 5 years.
• Transportation: Access to public transit or major highways affects desirability and rent prices. Properties within walking distance of transit often command 10-20% premiums.
• Local Economy: Job market strength and major employer presence drive rental demand. Buffalo's primary employment sectors directly influence neighborhood pricing.
• Schools: Family-oriented renters pay premiums for quality school districts. Top-rated school zones can add 20-30% to comparable properties.
• Safety: Crime rates and neighborhood safety influence pricing significantly. Low-crime neighborhoods typically command meaningful premiums.
• Amenities: In-unit laundry, parking, pools, fitness centers, and other building amenities can add $100-300+ monthly to base rent.

Tips for Renting in Buffalo