Renters across the United States looking for affordable apartments will find it the most difficult to find a property in Syracuse compared to any other city in America, according to a new analysis.
Syracuse has become the most competitive market in the US after the cost of renting an apartment in the city climbed by 23% over the past two years, per an analysis from Apartment Advisor.
Following Syracuse on the list are the metro areas of Greensboro-High Point, New York-Newark-Jersey City, Virginia Beach-Norfolk-Newport News, Toledo, San Jose-Sunnyvale-Santa Clara, San Diego-Carlsbad, Boston-Cambridge-Newton, Bridgeport-Stamford-Norwalk, and Dayton.
The firm analyzed 75 of the largest metro areas in the country based on the vacancy rate, average time on the market of apartment listings, and median cost per square foot to determine which has the most competitive rental markets.
What Is Causing Syracuse's Rental Market Pains?
The cutthroat rental housing market in Syracuse is attributed to the lack of affordable housing being built in the metro area. This is largely due to soaring building costs, which typically exceed real estate values in the city. Thousands of rental units are also becoming unusable due to deferred maintenance, according to a study by Maine-based planning consultant CZB LLC.
"Syracuse has about 7,500 unoccupied housing units, or 11% of the total, according to Census Bureau statistics. Many are 'obsolete and no longer on the market,'" CZB LLC noted in its study.
In addition, the study found that landlords of newly-built apartment buildings are charging $2,400 rent. Only 18% of Syracuse households could afford that. On the other hand, landlords of renovated apartments are likely charging $1,800 a month, which only 27% of city residents could afford.
A New York Post report noted that more than half of all renter households in Syracuse are shelling out 30% or more of their income just to pay rent and keep a roof over their heads. This means the residents of the city are cost-burdened.
The rising rental prices, coupled with the influx of young people searching for cheaper rent and employment opportunities in the city, have led to Syracuse's cutthroat rental market.
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