New York State Rent Report – February 2020

• The average monthly rent in Buffalo, Rochester, and Yonkers was $1,070, $1,059 and $2,072, respectively, in February, $10, $35, and $51 more than one year prior.
• Mineola apartments are the most expensive in the state, renting for $2,801, while apartments in Cheektowaga have the cheapest rents, $850 per month. 
• The national average rent in February 2020 was $1,468, up 3.2% compared to the same time last year according to data from Yardi Matrix.

Renting in the largest cities in New York

Apartments in Buffalo, Rochester, and Yonkers rented for $1,070, $1,059 and $2,072 on average, respectively, in February. Rents in Buffalo saw a year-over-year increase of 0.9%, or $10, compared to this time last year and a 0.4% ($4) increase compared to January. Rochester saw an annual increase of 3.4%, or $35, compared to last February and an increase of 0.1% ($1) compared to last month. Yonkers saw a yearly increase of 2.5%, or $51, and no monthly change.

Renting in New York in February 2020

The average rent in New York cities is generally higher than the national average rent. The fastest growing rents in February were in New Rochelle, where rental apartment prices increased by 6.8% year-over-year, or $143. Bay Shore and Coram apartments saw the second highest annual increase, jumping by 6.4% and making them $111 and $137, respectively, more expensive than this time last year. In Mount Vernon, prices decreased by 1.2% ($22) compared to last February.

Mineola apartments are the area’s most expensive for renters, with an average price of $2,801, followed by apartments in White Plains, where the average monthly rent is $2,738. On the other hand, the cheapest city to rent an apartment of the cities analyzed is Cheektowaga, with an average apartment rent of $850.

The February national average rent went up by 3.2% year-over-year

The average apartment rent was $1,468 in February, up $46 since last year, according to apartment data from Yardi Matrix. February apartment rents maintained the same pace as in January, rising by 3.2% year-over-year. Overall, rents are growing a bit slower than the same time last year, when they were rising at a 3.5% yearly rate.

To compare the rental market in New Jersey with other cities in the U.S., you can also check our national February rent report.

Methodology

RentCafe.com is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States.

The data on average rents included in our reports comes directly from competitively-rented (market-rate) large-scale multifamily properties (50+ units in size), via telephone survey. The data is compiled and reported by our sister company Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self-storage sectors. Fully-affordable properties are not included in the survey and are not reported in rental rate averages. Local rent reports include only cities with a statistically-relevant stock of large-scale multifamily properties of 50+ units.