Buffalo vs. Nearby Cities
Buffalo is one of the more affordable cities on the western edge of New York. The city’s median listing price is often around $100,000 and tends to stay under $100 per square foot. Compare this to a median listing price close to $200,000 or $120 per square foot in nearby West Seneca. The median listing price is typically around $100 per square foot in Cheektowaga and Tonawanda. Both of these cities often feature median listing prices below $150,000, and it’s not difficult to find homes selling for less than $100,000 in either city. The median rent price is often around $1,000 per month in Buffalo, but renters may find more affordable options in surrounding communities.
Buffalo Property Managers
Most property managers do much more than collect rent from tenants. They may start the eviction process when tenants fall behind on rent, and many have professional marketing and accounting skills. When an emergency strikes at a rental property, the manager is often the first person to respond. Their goal is to keep all rental units up to code and profitable.
Buffalo Property Management Fees
Most property managers in Buffalo will charge around 10 percent of the total rent collected each month. This is a basic managerial fee that doesn’t include routine expenses to maintain the property, marketing, accounting and onboarding for new tenants. Repairs and upgrades to the property will also come at an additional expense.
- New York tenants have no state restrictions on the amount they may charge for a security deposit. Landlords should check with local authorities for other potential restrictions.
- State law requires landlords to return security deposits within a reasonable amount of time after the tenant vacates the property and returns the key. The definition of “reasonable” is debatable.