ROCHESTER, N.Y. (WROC) — Rochester is on a top ten list for cities with the highest increase in rent nationwide. The year over year data shows a spike at the beginning of the pandemic, and another one a year later.
Rochester shows an increase of 7.6 percent.
Local realtor Lanie Bittner, board president of the Greater Rochester Association of Realtors says it’s no different than the inflation we’re seeing in car prices, and food prices. Demand is skyrocketing.
She says part of it is just the pandemic.
And renting is the trend, rather than buying a home. Homes are expensive lately, as there haven’t been enough sellers on the market to meet demand. The price of lumber has also spiked significantly.
“You were seeing buyers competing against 30 other offers on one home,” she said.
She says this causes buyer fatigue.
While it’s calming down a little, many buyers have already decided to want to wait, and instead rent.
But why is Rochester in particular seeing high demand?
Bittner says there’s a lot the city has to offer, it could just be the place to live.
“Whoever you are it’s fantastic to live in close proximity to Lake Ontario, Finger Lakes, thankfully more people are realizing we are a great place to live and call home.”
Lofts are particularly seeing high demand. Bittner says the downtown area has renovated many older buildings, creating high quality lofts, listing for high prices.
The hard part is competing against other tenants. But there are ways to work around challenges and find the right fit for you.
Bittner says to make yourself as attractive as possible to a landlord: play up your strengths.
“Make sure you are financially in a good place, show history of good credit, references in place, a stable job.”
If you just started a job, Bittner says consider showing some longevity before renting somewhere new.
As for when these numbers will come back down, Bittner says there’s no clear answer. It will depend on more sellers getting comfortable putting their house on the market, and more rentals becoming available.