Rochester rental rates jump significantly in March

By: Kevin Oklobzija//April 15, 2022

Median rental rates in Rochester jumped by 11.4 percent year-over-year in March, according to the monthly report from Realtor.com.

The overall median rent in Rochester climbed to $1,333 (a combination of studio, one-bed room and two-bedroom rates).

One-bedroom rates experienced the sharpest increase, a spike of 13.9 percent to $1,238. Among the largest 50 metro areas in the United States, only 24 saw a largest jump, led by three Florida cities: Miami, where the median one-bedroom rate skyrocketed by 53.7 percent (to $2,614), Orlando (33 percent, to $1,739) and Tampa-St. Petersburg (31.4 percent, $1,876).

Two-bedroom rates in Rochester grew by 9.6 percent year-over-year to $1,430 while studio rates grew 10.7 percent to $980.

Rochester overall median rent of $1,333 ranked 41st among the largest 50 markets but the year-over-year percentage increase was larger than what renters experienced in 17 other MSAs.

Report results were derived from units advertised on Realtor.com and included apartment communities as well as private rentals (condos, townhomes and single-family homes).

Higher mortgage rates and the continuing shortage of inventory on the housing market kept vacancy rates low for apartments, according to listings website.

“While the job market is strong, it’s unlikely that we’ll see enough income growth to keep rents under 3 percent of monthly paychecks — especially with higher inflation and everyday costs,” Danielle Hale, chief economist for Realtor.com, said in a news release. “Still, there is a silver lining for renters, as rents won’t be able to sustain an accelerated pace if incomes can’t keep up.”

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