BUFFALO, N.Y. — Housing affordability has been a persistent challenge in recent years — for homebuyers and apartment renters alike.
In the Buffalo metro area, rental costs continue to climb — with a 4.4% increase from November 2022 to the same month last year. The median rent in November 2023 in Buffalo was $1,625. That was a 2.05% drop, however, from October.
Nationally, median monthly rents declined year-over-year by 2% in November, followed by a further decrease of 0.78% in December. The current national median price for an apartment is $1,964. Median rents peaked in August 2022 at $2,054.
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