Best places to buy rental properties in New York

February 24, 2022
● Written by
Teddy

New York

Investing in New York

The Empire State has the third highest GDP ($1.5 Trillion) after California and Texas. It's a great place to consider investing in given its strong economy and cultural importance. The Nophin team crunched the numbers and found the five best places to invest in New York rental properties.

Statewide vacancy rates

NY Rental Vacancy Rate via Federal Reserve Bank of St. Louis

New York, NY

New York City is the largest city in the state and comprised of five boroughs. It's a major tourist destination and an important city for commerce, finance, and culture.

  • Population: 8,804,190
  • Median household income: $67,046
  • Median 1-bedroom monthly rent: $3,930
  • Median listing home price: $899,000

Buffalo, NY

Buffalo is the second largest city in New York and is located southeast of Niagara Falls, one of most popular tourist destinations in the world.

  • Population: 278,349
  • Median household income: $39,677
  • Median 1-bedroom monthly rent: $1,100
  • Median listing home price: $174,900

Rochester, NY

Rochester has one of the highest qualities of living in the US. Forbes in 2021 listed Rochester as the 6th most affordable city to buy a home.

  • Population: 211,328
  • Median household income: $37,395
  • Median 1-bedroom monthly rent: $995
  • Median listing home price: $159,900

Syracuse, NY

Syracuse is home to Syracuse University, one of the nation's leading universities. The city also experiences the heaviest snowfall in the US.

  • Population: 148,620
  • Median household income: $38,893
  • Median 1-bedroom monthly rent: $875
  • Median listing home price: $154,000

Albany, NY

Albany is the capital of New York. In addition to being a political hub, the city is also home to a number of universities including SUNY, Rensselaer Polytechnic Institute, and the University at Albany.

  • Population: 99,224
  • Median household income: $48,512
  • Median 1-bedroom monthly rent: $1,200
  • Median listing home price: $254,900

Nophin is landlord banking and software for rental properties

With FDIC-insured bank accounts and cards that seamlessly integrate with easy-to-use software, Nophin helps landlords increase returns and automate rental property finances. Check out what we offer on the Nophin homepage!

Methodology

To help us determine the five best cities in all states, the Nophin team used data from several sources including the 2020 United States Census, the Department of Housing & Urban Development, Federal Reserve Economic Data (FRED), the National Association of REALTORS®, Zumper, internal data, and other reputable sources.

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Please note: Nothing above should be construed as legal, investment, tax, nor financial advice. This content is for informational purposes only. Consult a lawyer and/or an accountant if the above is right for your personal situation.

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