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TurboTenant Report: The Best Places to Buy Rental Investment Property in New York

map of new york with best cities for rental investment

In this edition of The TurboTenant report, we will be focusing on the best places to buy an investment property in New York. Four towns made our list: Buffalo, Rochester, Troy, and Schenectady. We curated data from studies on the best places to buy an investment property, median sale prices, and proprietary TurboTenant data. The TurboTenant Data includes stats on the average number of leads a rental property received, as well as the average number of days on the market. These two points will help an investor determine the strength of the rental market, as well as estimating potential vacancy rates. 

New York State is the fourth most populous state, was one of the thirteen original colonies, and is home to some of the oldest streets in the U.S. When most people think of New York, they immediately think of New York City, which is only natural, it makes up nearly 40% of the state’s population and is a global cultural, financial, and media hub. However, New York City didn’t make our list of one of the best places to invest in.  Four great towns with a deep history and a couple of hours north did. 

I love New York, all of it. So let’s take a look at the best places to buy a rental investment property in The Empire State. 

#4: Schenectady, NY

Say that four times fast. Schenectady is about three hours north of New York City and is home to our countries first historic district. It’s newly renovated downtown features new hotels, a cinema, restaurants, technology companies, and loft housing. It’s home values have increased 7.3% year over year, leads per property is the lowest in our group, but still comes in at an average of 73. With rentals staying on the market for an average of 12 days, and the median home sale price clocking in at $160k, it’s no surprise that Schenectady made our list. 

  • Population growth: 0%
  • Employment growth: .3%
  • Increase in home values: 7.3%

Median Home Price: $160k

Average Rent: $1319

Average Number of Leads per Property:73

Number of days on the rental market: 12

#3: Troy, NY

Troy is located on the eastern bank of the Hudson River roughly three hours north of N.Y.C. Troy, along with Albany and Schenectady form a region popularly called the Capital District. Troy is home to Rensselaer Polytechnic Institute, the oldest private engineering and technical university in the US, founded in 1824. It’s also the official home of Uncle Sam. And with an average number of leads topping out at 82 and the number of days on market at 16, it could be home to your next rental investment property. Home values have seen a steady increase at 3.2% year over year, and like it’s close friend Schenectady, it’s median home sale price is below $200k. Uncle Sam gives it a thumbs up, and so will your investment portfolio. 

  • Population growth: 1%
  • Employment growth: .3%
  • Increase in home values: 3.2%

Median Home Price: $159k

Average Rent: $1097

Average Number of Leads per Property: 82

Number of days on the rental market: 16

#2: Rochester, NY 

Rochester is on the southern shore of Lake Ontario in western New York. It is the third most populous city in New York, with a population of just over a million. Rochester was one of the country’s first boomtowns, has several universities, the University of Rochester and Rochester Institute of Technology, and is the birthplace of Kodak, Western Union, French’s, Bausch & Lomb, Gleason, and Xerox. Rochester has also been dubbed one of the “most livable cities”. The data supports that as well. Rochester pulled in the most leads per property, averaging around 96. With an average time on marketing coming in at 16 days, finding a tenant for your rental investment property will not be a problem. Home values have increased just over 5% year over year, and with a median home sale price in the sub $150k range, the barrier to entry is low. 

  • Population growth: 1%
  • Employment growth: 1%
  • Increase in home values: 5.6%

Median Home Price: $136k

Average Rent: $1126

Average Number of Leads per Property: 96

Number of days on the rental market: 16


#1: Buffalo, NY 

Buffalo is on the eastern shore of Lake Erie, at the head of Niagara Falls and is the second-largest city in New York. The City of Lights has undergone a revitalization in recent years, stemming from a $1 billion investment, spurring waterfront and neighborhood redevelopment, and a craft beer scene. Home values have increased 8.5% year over, our highest of all cities in the report, combine that with an average of only 12 days on market, it’s no wonder Buffalo is number one on our best places to invest in New York list. It’s home to two professional sports teams, the Buffalo Bills and the Buffalo Sabres, and more importantly, home to Buffalo Wings, invented at Anchor Bar. With an average of 82 leads per property, you will have no problem finding a great tenant, and great wings for that matter. 

  • Population growth: 1%
  • Employment growth: 1%
  • Increase in home values: 8.5%

Median Home Price: $160k

Average Rent: $1020

Average Number of Leads per Property: 82

Number of days on the rental market: 12

Once you’ve landed the perfect investment property in a good location, TurboTenant can help take your landlording into the digital world by streamlining the 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.

About the TurboTenant Report

The TurboTenant Report analyzes data from active listings across all 50 states, as well as third party real estate, population and employment growth data. Our goal with the TurboReport is to empower seasoned and novice investors to make wise purchasing decisions when purchasing a rental investment property. For more information or custom data requests, please contact [email protected].


In order to determine the best cities to invest in each state, we curated data from a number of reputable sources as well as using TurboTenant proprietary data. Our main city selections were taken from a study that evaluated four main factors for each city: employment growth, population growth, increase in home values and rental yield. We combined that with TurboTenant data on the average rent price, the number of rental leads per property, as well as the average number of days the rental stays on the market.

We also included an honorable mention where applicable. They are pulled from this study on the best places to invest in every state. These were determined using Zillow’s Buyer-Seller Index and Zillow Home Value Forecast, and AreaVibes’ Livability Score. Other methods for determining honorable mentions include using TurboTenant proprietary data to determine which cities return the best rental investment R.O.I. using data points including days on market, the number of leads per property, and average rent price.

DISCLAIMER: TurboTenant, Inc does not provide legal advice. This material has been prepared for informational purposes only. All users are advised to check all applicable local, state and federal laws and consult legal counsel should questions arise.


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