Why Invest in Buffalo/Niagara Falls?
Buffalo is an up and coming city and the 2nd largest in NY. Economically, Buffalo has seen major improvements since 2010. Money from New York State Governor Andrew Cuomo through a program known locally as "Buffalo Billion" brought new construction, increased development, and hundreds of new jobs to the area. With affordable housing, overall low living costs, and an economically diverse population, the real estate market is booming. People love living in Buffalo- there is always lots to do, awesome food, and friendly residents.
See website below to learn more about Buffalo's Resurgence.
Niagara Falls has huge potential. The housing market has not seen the same jump as Buffalo has, thus, from an equity standpoint, there is a lot of room to grow. The owner to rental ratio is higher in Niagara Falls than Buffalo meaning that the neighborhoods and homes are generally better-kept. Right now you can buy Niagara Falls homes in a better neighborhood than Buffalo houses at a better value. With many stores and restaurants, Niagara Falls is also a great place to live. It is within walking distance to a gorgeous wonder of the world—Niagara Falls. The city is pushing to improve their living conditions and deteriorated houses. (see article below) As this project progresses, this will cause an increase in home prices. We believe that Niagara Falls is going to see significant economic improvement in the coming years.
See our own Buffalo Turnkey employee Danielle Pruitt talk to Eyewitness News 7 about the Niagara Falls foreclosure auction, economy, and housing market here: https://www.wkbw.com/news/niagara-falls-auctions-hundreds-of-properties
The millennial generation and some older baby boomers are increasingly looking to rent instead of buy. When we show some of our apartments, we can get upwards of 30 applicants. This push towards leasing means higher rents and better tenants. Because the rental market is competitive, tenants know how hard it can be to find a nice place. These tenants stay longer, keep the place nicely, and pay on time. The chart below, posted by Buffalo Rising in May 2017 shows the increase in rents in Buffalo compared to other NY cities.