Niagara Falls is a city in Niagara County, New York, the city is within the Buffalo–Niagara Falls Metropolitan Statistical Area as well as the Western New York region. Niagara Falls, USA is seen as the number one untapped tourism destination in the USA . 125 million people live within a day’s drive and over 20 million people visit each year, 3 world class casinos draw over 6 million visitors a year. Niagara’s rich cultural history combined with 365 day-per-year casino traffic has paved the way for a redevelopment opportunity second to none. Developers are flocking to Niagara Falls, $220 million is being spent over the next few years on the expansion of the tourist sector.
Currently in Niagara you will find 2,000 hotel rooms from luxury spas to charming inns, 100+ golf courses, 100+ wineries, world class fishing, boating and hunting, museums, amusement parks, family attractions, festivals, casino gaming and entertainment. There is also a state-of-the-art conference center, a professional NFL and NHL teams and over 20 local colleges and universities.
With an annual multi-billion dollar tourism and recreational spending this region can only go from strength to strength but with limited housing and high rental demand, prices are now starting to rapidly increase. The gap in the prices of property between the USA side and Canada side of Niagara falls is now starting to get smaller.
The Rental Market
The soaring house prices and limited supply is pushing rental demands in Niagara, the affordability of this region is driving people to make the decision to relocate to Niagara. Jim Diodati, the mayor of Niagara Falls, said demand has exploded since the provincial government hinted the city might be getting GO Transit train service. Over the last three years, rents have risen by a total of 14.1 percent, according to the survey, which included more than 19,400 homes in Western New York. The increase in rents is a sign of the improving local economy, as well as a population that has begun to stabilize after years of decline. Job growth and development, especially that associated with the Buffalo Niagara Medical Campus, is attracting young professionals and new graduates, who typically rent rather than buy. Because building new rental properties is a slow process, it could be a while before supply catches up with demand and price.
The Buffalo-Niagara Falls metropolitan area is home to slightly over 1.1 million people, with roughly 80 percent residing in Erie County, which includes the city of Buffalo. Niagara County, which includes the city of Niagara Falls, is less densely populated.
Growth and Returns
Niagara Association of Realtors president Patrick Dummitt says he expects the increasing demand for property throughout the region to continue for years to come. According to information published last week on the NAR website, Niagara housing prices jumped by an average of 18 per cent (about $50,000) in 2016, compared to about eight per cent a year earlier. It reports average sale prices in April at $317,322 compared to the year-to-date average of $309,114. The Centre reports residential single-family homes prices including condos, in Niagara and Dunnville, are up by 12.9 per cent, year over year.
Management and Aftercare
In Niagara we work with one, reliable and consistent partner who is local to the area and has been a hands-on expert in the local market for over 6 years. Our partner is one of the leading Niagara management companies who will collect and deposit your rent, maintain and repair the property, assess and interview tenants and keep you updated on a regular basis.