BUFFALO. N.Y. (WIVB) — Expansion in the Queen City demands more housing. Several new luxury apartment options downtown are hoping to meet that demand.
Kristan Andersen, Vice President of real estate firm Gurney Becker & Bourne has been renting apartments here for years.
She told News 4 she’s seeing new trends.
“The prices have gone way up in the rental market,” she said.
Just five years ago, three-bedroom apartments rented for around $1,000 a month downtown; the going rate for new luxury apartments in the same area is around $1,500 for a one-bedroom.
For young people returning to Buffalo, the change is a shock.
“I was surprised at the rent. There were a lot of apartments that were between $700 and $900 for like a one bedroom or a studio,” said Buffalo native Michael Wysochanski.
Price isn’t the only thing that’s changing; so are the renters.
Andersen said Baby Boomers and empty nesters are also returning to the city.
“A lot of those people are selling their big houses; they want to be in the city, that’s a big trend too,” Andersen told News 4.
Young people are also tending to rent for longer.
“People are also renting because they can’t find a place to buy. That’s a question people ask, if I can’t find a place to buy because the market is so tight, can I find a place to rent? And that’s a question that really wasn’t asked before,” said Andersen.
While the bump in rent is a hard pill to swallow for some, it’s also bringing more money into Buffalo and attracting young professionals.
Anderson said we should all get used to the changes. In the coming years, she expects luxury housing will only continue to grow.
She also expects the rent to stabilize over the next several years.