AUDIO TRANSCRIPT: Syracuse renters “shocked” by rising prices
Nick King: A recent report from property marketplace Zumper ranked Syracuse as the 65th most expensive rental market in the U.S. For Central New York resident Kiran Costa, that’s a shock.
Kiran Costa: 65 seems high for a city like Syracuse. I mean, I guess I consider Syracuse a lower to mid-tier city. I’m surprised the rent numbers are so high.
King: The report didn’t pinpoint a cause for the rise, but Syracuse renter Josh Richardson has a theory.
Josh Richardson: College kids don’t want to live on campus for all four years, and they can kind of exploit that and take advantage of that, and, you know, up charge them for what may not be as much, you know, somewhere else or maybe in a similarly sized city.
King: Renting in Syracuse is more expensive than in Las Vegas, and prices don’t seem to be slowing down. Nick King, NCC News.
SYRACUSE, N.Y. (NCC News) — Syracuse residents are shocked by a recent national report ranking the city as the 65th most expensive place to rent in the U.S.
Zumper, an online property marketplace, reported a 17.1% increase in the price of a one-bedroom apartment in Syracuse compared to last year. By contrast, the national average increase was 2.9%. Syracuse resident Kiran Costa was shocked by the figures.
“I am surprised the rent numbers are so high,” Costa said. “You think of all the big cities having expensive rent. I consider Syracuse a mid-tier city.”
The report listed the average monthly rent for a one-bedroom apartment in Syracuse at $1,200, making it more expensive than cities like Las Vegas. But renter Josh Richardson argues there is one key difference between Syracuse and other major cities.
“These other markets, or maybe a similarly sized city, don’t have one of the biggest universities in the country right in it,” Richardson said. (Landlords) know college kids don’t want to live on campus for all four years, and they can exploit that and up charge them for what may not be as much somewhere else.”
Richardson wasn’t the only Syracuse resident with this view; Costa expressed similar sentiments.
“There are so many students that need housing,” Costa said. “It’s a market where you can raise the price, and people will just have to pay it.”
With prices continuing to rise, Costa says the fear of affording rent is likely daunting.
“Personally, I don’t have to worry (about making rent),” Costa said. “But it’s a very expensive amount to pay per month. I can imagine how a lot of people are stressed about the increases.”
More information about Syracuse’s rising prices can be found on Zumper.com, with a new report set to release in a few weeks.