The top rental markets in New York are New York City, Brooklyn, Buffalo, Staten Island, the Bronx, Niagara Falls, Rochester, Schenectady, Flushing, Albany, and Syracuse.
The TurboTenant Report includes analysis of the average number of leads per property, the average number of days on market, average rent price, median sale price, median income, security deposit trends and livability score.
New York Rental Trends:
New York is the fourth largest state by population with New York City making up 40% of its overall population – New York has a wide variety of great investment locations with both urban and more rural options. It is one of the most expensive states to live in which is why renting is a must for many residents making, it great for property investors. Here are some highlights from the top rental markets in the Empire State:
Days on Market:
The city with the lowest number of days on market is Syracuse at only ten days which is close to the national average at around 15 days; New York City holds the highest number of days on market at 38.
The top three towns for the largest amount of leads per listing all surpass 100 – with the national average of 38. Here they are:
- Rochester – 158 leads per listing
- Niagara Falls – 121 leads per listing
- Buffalo – 116 leads per listing
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, Niagara Falls comes below that with the lowest average rent of $604 for a two-bedroom compared to the highest rent in New York at $2,970 in New York City.
Median Home Sale Price:
According to data from Redfin, which is a national real estate brokerage company, the national median home sale price sits at $306,400. New York’s highest median sale price comes above that at $788,000 in Brooklyn with its lowest median sale price far lower than the national average at $105,000 in Niagara Falls.
New York’s median income rings in at $60,100 – more than the national average at $48,500.
Security Deposit Trends:
Security deposits have both risen and fallen, but mostly increased in New York cities between 2018 and 2019. With the largest being an increase of 36.84% in Niagara Falls at $650, and the largest decrease in Albany at -7% with the current average at around $1,395 – above the national average for security deposits which is around $1,200.
All of the New York cities had a livability score 54 or higher with the highest being Brooklyn at 77 and Flushing at 63!
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Whether you’ve found the best investment property in these top rental markets, or somewhere else, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.