2 Apartments under 500 for rent in Buffalo, NY

Last updated September 26 at 10:06AM
547 East Utica Street
Kingsley
Buffalo, NY
Updated September 14 at 10:20PM
1 Bedroom
$450
Results within 20 miles of Buffalo, NY
210 Locust St
Lockport
Lockport, NY
Updated September 26 at 10:06AM
1 Bedroom
$475
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Rent Report
Buffalo

September 2017 Buffalo Rent Report

Welcome to the September 2017 Buffalo Rent Report. In this report, we'll evaluate trends in the Buffalo rental market, including comparisons to similar cities nationwide.

Buffalo rents increase sharply over the past month

Buffalo rents have increased 0.7% over the past month, and are up slightly by 1.2% in comparison to the same time last year. Currently, median rents in Buffalo stand at $720 for a one-bedroom apartment and $870 for a two-bedroom. This is the fourth straight month that the city has seen rent increases after a decline in April. Buffalo's year-over-year rent growth lags the state average of 1.9%, as well as the national average of 3.0%.

Buffalo rents more affordable than many large cities nationwide

Rent growth in Buffalo has been relatively stable over the past year - some other large cities have seen more substantial increases; in contrast, rents in a few cities have actually declined. Buffalo is still more affordable than most large cities across the country.

  • Buffalo's median two-bedroom rent of $870 is below the national average of $1,160. Nationwide, rents have grown by 3.0% over the past year compared to the 1.2% rise in Buffalo.
  • While rents in Buffalo remained moderately stable this year, similar cities saw increases, including Seattle (+5.4%), Phoenix (+4.9%), and Denver (+3.0%); note that median 2BR rents in these cities go for $1,710, $1,020, and $1,350 respectively.
  • Renters will find more reasonable prices in Buffalo than most large cities. For example, San Francisco has a median 2BR rent of $3,070, which is more than three-and-a-half times the price in Buffalo.

For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.

Methodology - Recent Updates:

Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.

Read more about our new methodology below, or see a more detailed post here.

Methodology:

Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.

Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.

Read more about our methodology here.

About Rent Reports:

Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.

We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.