Buffalo Eclipses Peer Markets for Apartment Construction

While apartment construction is moderating in most upstate New York markets, development activity in Buffalo continues to increase. Around 2,300 apartment units were under construction in Buffalo as of the second quarter of 2023, representing 5.2% of the market’s total inventory. This level of development is far above Buffalo’s peer markets of Rochester, Syracuse and Albany, where the number of apartment units underway represents a much smaller share of market inventory. Construction activity in Buffalo is closer to the national level where the average share of units underway is 5.5%.