Buffalo, New York Short-Term Rental Market
Buffalo-Niagara STRs averaged $143/night at 52.6% occupancy in April 2026, with an investability score of 97/100.
Quick Answer: Buffalo, New York is an active short-term rental market. average occupancy is 53%. average monthly revenue is $2,018. average daily rate is $143. the top operator is Niagara Hospitality with 64 listings. market score is 65/100 (grade C).
Market Score Breakdown
Five dimensions Apivex evaluates per market.
Market Overview
The Buffalo-Niagara Falls market spans two cities with distinct regulatory environments but a shared economic identity anchored by Niagara Falls State Park, which recorded 9.5 million visitors in 2024. The market includes approximately 4,408 active listings, with entire-place units at 3,882 (88.1% of supply), private rooms at 522, and shared rooms at 4. In April 2026, the market-wide average daily rate was $143.06 and occupancy reached 52.6%, producing a RevPAR of $75.26 and average monthly revenue of $2,018 per listing.
Year-over-year through April 2026, occupancy improved 5.1 percentage points while ADR declined 1.0%, leaving overall revenue essentially flat (down 0.3%). The channel mix is Airbnb-dominant: 2,736 listings are Airbnb-only, 1,491 appear on both platforms, and 181 are VRBO-only. Bedroom distribution is relatively even across 1-bedrooms (1,271 listings), 3-bedrooms (1,235), 2-bedrooms (1,125), 4-bedrooms (427), and 5-bedrooms (344). Erie County visitor spending reached a record $2.7 billion in 2024, up 7.2% year-over-year, and Niagara County visitor spending exceeded $1 billion for the first time. Beyond the falls, demand drivers include Buffalo Bills and Sabres sports events, the Albright-Knox Art Gallery (reopened after a $230 million expansion in 2023), and the redeveloped Canalside waterfront district.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue |
|---|---|---|---|
| Jan | 37% | $110 | $1,276 |
| Feb | 47% | $108 | $1,269 |
| Mar | 50% | $114 | $1,527 |
| Apr | 52% | $127 | $1,731 |
| May | 55% | $143 | $1,959 |
| Jun | 61% | $164 | $2,588 |
| Jul | 70% | $175 | $3,318 |
| Aug | 68% | $175 | $3,272 |
| Sep | 53% | $159 | $2,267 |
| Oct | 51% | $146 | $2,102 |
| Nov | 45% | $132 | $1,682 |
| Dec | 48% | $130 | $1,646 |
Top Short-Term Rental Operators in Buffalo
Ranked by total active listings. Useful for understanding the competitive landscape.
| # | Operator | Listings | Reviews | Rating |
|---|---|---|---|---|
| 1 | Niagara Hospitality | 64 | 2,895 | ★ 4.06 |
| 2 | Buffalo Corporate Housing LLC | 52 | 732 | ★ 4.74 |
| 3 | Evolve | 52 | 1,401 | ★ 4.43 |
| 4 | 716 Corporate Housing | 48 | 76 | ★ 4.95 |
| 5 | LakeFront Resorts | 45 | 290 | ★ 3.78 |
What Kind of STR Should I Buy in Buffalo?
Revenue and pricing by property type, tier, and bedroom count.
Revenue by Bedroom Count
| 1 bed | 1,271 |
| 2 bed | 1,125 |
| 3 bed | 1,235 |
| 4 bed | 427 |
| 5 bed | 344 |
ADR by Property Tier
| Entire Home | $152 |
| Luxury | $264 |
| Professionally Managed | $164 |
Revenue by Dwelling Type
| Apartment | $1,710 |
| Entire Place | $2,143 |
| House | $2,279 |
Booking Channel Mix
Distribution of bookings across major STR platforms.
| Channel | Share |
|---|---|
| airbnb | 62.1% |
| vrbo | 4.1% |
| both | 33.8% |
Investment Analysis
Buffalo-Niagara’s investability score of 97.5 out of 100 is the highest in this batch and among the highest in the national dataset, reflecting exceptional alignment between property acquisition costs and STR revenue potential. Revenue growth scores 61.5 and rental demand scores 68.6. The total market score is 64.7.
At a typical home value of $241,380, a listing generating the market-average $2,018 per month ($24,216 annualized) implies a gross annualized yield of approximately 10.0% before expenses. This is one of the strongest gross yield figures among northeastern US markets, driven by the relatively low property acquisition costs compared to peer markets such as Boston, New York, or Philadelphia. The ADR tier structure shows meaningful premiums: all-listings ADR was $143.06, entire-home listings averaged $152.47 (a 6.6% premium), professionally managed properties averaged $163.77 (a 14.5% premium), and luxury-tier listings averaged $264.20 (a 84.7% premium). Monthly revenue by property type: houses averaged $2,279, entire-place listings averaged $2,143, and apartments averaged $1,710.
Investors should factor in Buffalo’s increasingly complex regulatory environment, particularly for non-owner-occupied properties. The December 2024 restrictions cap ownership at 2 properties and 4 units per investor, ban non-owner-occupied STRs in several residential zones, and limit STR penetration in historic districts to 5%. These constraints may limit the addressable supply of eligible investment properties.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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Booking Insights
Buffalo-Niagara STR guests book an average of 33.1 days in advance, the shortest lead time in this batch, with average stays of 4.1 nights. The shorter booking window is consistent with a market where a significant portion of guests are day-trippers from within the Northeast and Midwest who decide on Buffalo or Niagara Falls trips within a month of travel. It also reflects that event-driven demand, such as Bills games, generates last-minute bookings.
The 4.1-night average stay suggests a blend of short weekend visits and multi-day Niagara Falls itineraries. With a roughly 33-day booking window, operators should implement dynamic pricing strategies that tighten rates as the booking date approaches, particularly for summer weekends and Bills game weekends when demand is predictably high. Last-minute discounting should be avoided in peak season; the shorter lead time reflects guest behavior, not insufficient demand.
Short-Term Rental Regulations
The Buffalo-Niagara market operates under two distinct regulatory regimes that investors must evaluate separately by property location.
In Buffalo (Erie County): An annual Short-Term Rental License is required under Chapter 380. Owner-occupied properties pay $150 for the initial license and $75 for annual renewal. Non-owner-occupied properties pay $250 initial and $150 annual renewal, and must first obtain a Special Use Permit through the Planning Board and Common Council, a process that can take three to six months. In December 2024, the Common Council added restrictions: non-owner-occupied STRs are banned in N-4-30, N-4-50, N-3R, and N-2R zones; no individual or entity may hold more than 2 STR properties or 4 units; and no more than 5% of properties in a historic district may operate as STRs. A 2-night minimum stay applies to non-owner-occupied rentals. Out-of-county hosts must hire a local property manager. Erie County imposes a 3% occupancy tax on STRs effective January 4, 2024, plus combined New York State and Erie County sales tax of 8.75%.
In Niagara Falls (Niagara County): A ZBA Special Permit and annual Short-Term Rental License are both required. The city operates under a hard cap of 200 total permits (150 owner-occupied, 50 non-owner-occupied), with no neighborhood allowed to exceed 50 permits. Only single-family detached homes and duplexes within the city’s defined STR boundary are eligible. Niagara County visitor spending exceeded $1 billion in 2024, making this a high-demand location with very constrained permitted supply.
Enforcement is rated moderate across both jurisdictions. Investors should confirm current zone eligibility, permit availability, and tax obligations with each city before purchasing.
Market Comparison
Buffalo-Niagara’s April 2026 occupancy of 52.6% sits close to the national STR median of approximately 55%, while its ADR of $143.06 is substantially below the national median of approximately $220. The large ADR gap reflects both the market’s lower income base relative to coastal metros and the dominance of lower-price-point urban listings rather than premium resort properties. However, the low ADR is offset by low acquisition costs, producing the 10.0% gross yield figure.
The operator landscape is fragmented with modest concentration. Niagara Hospitality leads with 64 listings (4.06 rating). Buffalo Corporate Housing LLC and Evolve are tied for second at 52 listings each (4.74 and 4.43 ratings respectively). 716 Corporate Housing holds 48 listings with the highest rating of the top five at 4.95. The top five operators together account for 261 listings, roughly 5.9% of total supply. The heavy presence of corporate housing operators (Buffalo Corporate Housing LLC, 716 Corporate Housing) is distinctive and suggests a meaningful long-term-stay segment that partially overlaps with the STR market, driven by healthcare, manufacturing, and energy sector relocation demand in the Buffalo metro.
Frequently Asked Questions About Buffalo, New York
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