Updated 2026 · Based on median market data for Buffalo, NY
The median monthly rent in Buffalo, NY is $1,150, translating to $13,800 in annual gross rental income per unit. The rent-to-price ratio is 0.59% — well below the 1% rule, making pure cash flow investing challenging at median prices.
Renters in Buffalo spend approximately 33% of the local median household income ($42,400) on rent. This exceeds the standard 30% affordability threshold, suggesting rent growth may face resistance — but it also means a large portion of the population finds buying even more out of reach, supporting rental demand.
The vacancy rate in Buffalo is 6.2%. This is a healthy vacancy rate that indicates balanced supply and demand. You should be able to find quality tenants without extended vacancies, though expect normal turnover periods of 2-4 weeks between tenants. Population growth of 0.1% annually provides stable demand.
Buffalo's GRM (price divided by annual rent) is 14.1x. A GRM between 12-16x is moderate and typical of balanced markets. Deals can work but you need to keep expenses controlled. For comparison, the national average GRM for investment-grade rentals is approximately 13-15x.
At the median rent of $1,150/mo, a single-family rental in Buffalo generates approximately $13,800 in gross annual income. After accounting for 6.2% vacancy ($856 lost), property taxes of $3,296, insurance (~$780), and maintenance (~$780), the estimated NOI is $8,089 per year, or $674/mo.