HUD's Fair Market Rent for a 2-bedroom in the Buffalo-Cheektowaga, NY area is $1,423 a month for FY2027, +6.0% on FY2026. In Buffalo itself, median rent was $1,142 a month in 2024.
Fair Market Rents by bedroom count
| Bedrooms | FY2026 | FY2027 | Change |
|---|---|---|---|
| Studio | $1,105/mo | $1,178/mo | +6.6% |
| 1 bedroom | $1,139/mo | $1,203/mo | +5.6% |
| 2 bedrooms | $1,343/mo | $1,423/mo | +6.0% |
| 3 bedrooms | $1,640/mo | $1,732/mo | +5.6% |
| 4 bedrooms | $1,869/mo | $1,977/mo | +5.8% |
FY2027 runs from October 2026 to September 2027. Fair Market Rents cover the whole HUD area (Erie County and any counties grouped with it), not just Buffalo, and sit at the 40th percentile of what recent movers pay.
Median rent in Buffalo
| Year | Median gross rent |
|---|---|
| 2019 | $807/mo |
| 2023 | $1,022/mo |
| 2024 | $1,142/mo |
That's an average of +7.2% a year from 2019 to 2024, a period that includes the 2021–2022 rent surge.
What could change this
Survey figures trail the market, and asking rents in many large cities have been flat or falling since 2024. New apartment supply, local jobs, and interest rates all move rents. For a current read on a specific ZIP code and home size, use Predictye Rent.
Sources: U.S. Census Bureau, American Community Survey 1-year estimates (2019, 2023, 2024) forBuffalo (Buffalo city, New York); medians are shown only when their margin of error is within 10%. HUD Fair Market Rents, FY2026 and FY2027, for the Buffalo-Cheektowaga, NY MSA, which includes Erie County. How Predictye calculates this.
Frequently asked questions
Will rent go up in Buffalo, NY in 2027?
HUD's Fair Market Rents for the Buffalo-Cheektowaga, NY MSA rise 6.0% for FY2027 (October 2026 to September 2027): a 2-bedroom goes from $1,343 to $1,423 a month.
What is median rent in Buffalo, NY?
$1,142 a month in 2024, including utilities, from the Census Bureau's American Community Survey.
What is a Fair Market Rent?
HUD's estimate of the 40th-percentile gross rent, including utilities, for a standard unit rented by a recent mover in the area. HUD sets it each fiscal year for housing assistance programs, trended forward to the year it applies to.