Rent Trends in Erie and Niagara Counties: Where Prices Are Soaring and Falling

Rent change in western new york in percent

Written By: Matthew Kraska

We look into the shifting rent landscape in Erie and Niagara Counties, revealing where rents are increasing the fastest and where they’re dropping.

Published Date: October 25, 2024

Are you renting in Erie and Niagara Counties? The landscape is changing, with some towns seeing steep climbs in rent percentages while others are becoming more affordable. Understanding where these shifts happen can make a big difference whether you’re looking to move, invest, or stay informed. Let’s explore the latest data to uncover which towns see the most significant rent hikes and where you might find a better deal.

Change in median rent dollars from 2018 5 year ACS and 2022 5 year ACS

Rent dollars in western new york (Median)

Median rent dollars from 2022 5 year ACS

Data Note

This data is a comparison of the 5 year ACS study from 2018 and the 5 year ACS study from 2022

Sorting Through the Data

The latest data on rent changes in Erie and Niagara Counties offers a clear picture of where the market is heating up and cooling down. The first chart highlights the percentage changes in median rent from 2022, giving us a sense of the towns experiencing the most significant shifts.

Colden emerges as the frontrunner with the highest percentage increase in median rent at 57%. This sharp rise suggests a surge in demand or new developments driving up rental prices. Boston and Brant aren’t far behind, with increases of 52% and 45%, respectively, indicating these areas are also becoming increasingly popular or facing similar economic pressures.

On the opposite end of the spectrum, Wales experienced the most significant decline in median rent, dropping by 18%. Wilson also saw a decrease, with rents falling by 8%. These declines could reflect a demand reduction, making these towns more attractive to those seeking lower rents.

The second chart shows the overall median rent levels in 2022. Clarence stands out with the highest median rent, at $1,335, reflecting its status as one of the more affluent and sought-after areas. Amherst and Boston follow closely, with median rents of $1,278 and $1,277, respectively.

Interestingly, some towns with significant percentage increases in rent, like Colden (up 57%), still have moderate overall rent levels at $960. This suggests potential growth and investment opportunities in these areas as they catch up to more expensive markets. Conversely, towns like Wales, despite a significant decrease, have some of the lowest rents, with the median at $676, making them attractive for affordability.

These trends highlight the diverse rental market across Erie and Niagara Counties. Whether you want to understand where rents are rising for investment purposes or seek more affordable living options, these insights provide a valuable snapshot of the region’s rental landscape.

Quick Facts

Highest Rent Increase: Colden, with a 57% increase.
Largest Rent Decrease: Wales, with an 18% decrease.
Highest Median Rent in 2022: Clarence at $1,335.
Most Affordable Rent in 2022: Somerset, with a median rent of $582.
Notable Increase with Moderate Rent: Colden’s 57% rise brings its median rent to $960.

Data Source:

U.S. Census Bureau. “Median Selected Monthly Owner Costs (Dollars) by Mortgage Status.” American Community Survey, ACS 5-Year Estimates Detailed Tables, Table B25088, 2022, https://data.census.gov/table/ACSDT5Y2022.B25088?t=Business and Economy&g=050XX00US36029$0600000,36063$0600000. Accessed on August 13, 2024.