Western NY offers Real Estate Investors a rare opportunity to purchase affordable housing in an area with high rental demand. Many areas offer affordable housing. Many offer high rental demand. Few offer both as does Western NY.
In these tough economic times, investors are flocking to Western NY now more than ever. The recent turns in the real estate and sub-prime lending markets should not have a negative impact on the real estate market in the region. Because of the low cost of property, there is no housing bubble in Western NY, as many would suggest. Investors purchasing these low cost properties are doing so because of the potential of long term growth and positive cash flow, not short term profit. With the strength of the rental market in the region and the current 5-7% annual appreciation figures, the region is poised to weather the pending market slump going on in other parts of the country.
Buffalo and Rochester are New York’s second and third largest cities respectively and offer a number of national corporations, colleges and universities. The rental vacancy rate in Western NY is one of the lowest in the nation and the demand for rental property is tremendous. The City of Rochester estimates that nearly 70% of homes in the city are rental properties. The City of Buffalo estimates 66% of the city structures are rentals.
Fortune Magazine, CNN Money and Nu Wire have all ranked Rochester and Buffalo amongst their top cities in the country to purchase investment real estate. We invite you to browse throught the links below to see what others are saying about Western NY and the exciting investment opportunities the region provides.
$10 million to be invested in waterfront district creating many more jobs.
Brookings Institute Rates Buffalo #2 in Nation for Housing Appreciation
Buffalo ranked #4 strongest housing market in the country for 2009