Housing is a perennial issue, but in recent years, the challenges faced by the Rochester region’s renters and homeowners have become increasingly pertinent.
Since 2020, the fair market rent for a one-bedroom apartment in Rochester has increased by over 35%, from $775 to $1,050, according to the Department of Housing and Urban Development. Meanwhile, Rochester recently completed a citywide reassessment which resulted in the total value of residential properties increasing by 68%.
For homeowners, that means their houses are worth much more than they used to be, which amounts to a gain in equity. But the houses which had particularly large increases in value may see higher taxes.
For renters and first-time homebuyers, rising rents and a spike in home prices, along with a lack of available apartments and houses, has become what some, including Gov. Kathy Hochul, have referred to as a housing crisis.
Hochul has blamed the state’s housing issues on an across-the-board shortage of housing stock. This year’s state budget allocates $600 million to expand housing statewide.
"Since I became governor, I've held a vision to build housing that New Yorkers desperately need, and we're celebrating this historic agreement that will transform lives and put working families first," Hochul said.
In Rochester, the number of active home listings has fallen in the past seven years, from 4,216 in July 2016, the oldest numbers available to 727 in April 2024, according to the Federal Reserve Bank.
Meanwhile, about half of Rochester’s renters are rent-burdened, meaning they spend more than 30% of their income on rent, according to estimates from ACT Rochester, a Rochester Area Community Foundation initiative that compiles and publishes indicator data for several key topics.
Against a backdrop of shortening supply and rising rents, progressive lawmakers and activists have pushed for stronger tenant protections, particularly rent control and “Good Cause” eviction laws.
The 2019 Housing Stability and Tenant Protection Act created a way for municipalities in New York to enact rent control laws. To opt in, a city has to determine that the vacancy rate in buildings with six or more units, built before 1974, is less than 5%. Once they opt in, landlords would be required to limit rent increases to to an amount set by a Rent Guidelines Board.
Rochester did a study of vacancy rates to see if it qualified to opt in to the rent control laws, but it did not. City officials are considering a second study with some changes that could give more accurate results.
Similarly, Rochester’s Good Cause eviction protections bill was voted down by the Rochester City Council in 2022. The legislation would have given tenants in good standing the right to renew an expiring lease, and placed limits on rent increases unless a landlord has specific, justifiable reasons for a larger increase.
This year, state legislators did pass a version of Good Cause. It applies only to New York City, although other cities and towns can choose to opt in.
