The downtown housing market in Rochester is booming – especially luxury apartments and condos.
But why are they so popular in Rochester compared to other cities?
While traveling through downtown Rochester, you can’t help but notice the tall buildings, some with broken windows and most with for lease signs.
“I think there is a lot of excitement about downtown,” said Drew Kingsley, the Temple Building manager. “Things are changing and developing for the good. People are excited about it and people want to be in the lead. There’s a lot excitement about it.”
The Temple Building, across from Liberty Pole, is one of the first luxury lofts to be built in the city. Rents in the fourteen story building average around $1,500 dollars per month
Kingsley says the original loft features are similar to big city apartments like New York City. However, these lofts in the Temple Building remain 98 percent filled – unlike other major cities.
“Rochester is a great town for families. It’s conservative. It’s modest,” Kingsley said. “And the cost of living is very good. There are marked changes as far as business opportunities. “
Despite the empty buildings, especially around the old Midtown site, people are still moving downtown.
According to the downtown housing market report, within the past ten years, the population downtown has doubled.
However, according to the U.S. census, the overall population of Rochester has shrunk by 4.2 percent. Downtown has become the funnel point for people moving back into the city.
Thomas Uptegrove, manager of Tower 280, says the revitalization of downtown will take time.
They also are having no problems filling their lofts. Their motto if you build it, people will come.
“You want to bring the people first and get an idea of what they would like to see,” he said. “What type of businesses they want to see move downtown. That’s the philolosophy with any new building.”
According to both Kingsley and Uptegrove, revitalization will take time, but as fast as luxury apartment are going up, they are renting even faster.