Current markets
Tompkins Lending's investors currently fund mortgages on investment property in Rochester, Syracuse and Buffalo and nearby towns.
Rochester, NYTax auctions, two-family rentals and city rulesSyracuse, NYLand Bank rehabs, Micron and the I-81 projectBuffalo, NYTwo-family houses, the oldest housing of the three
The markets side by side
| Rochester | Syracuse | Buffalo | |
|---|---|---|---|
| Homes that are rentals | 62% | 58% | 57% |
| Median home value | $139,600 | $138,400 | $164,200 |
| Median gross rent | $1,081 a month | $1,039 a month | $1,046 a month |
| Yearly rent ÷ home value | 9.3% | 9.0% | 7.6% |
| Housing age | 53.7% built 1939 or earlier | Median home built in 1948 | 61.0% built 1939 or earlier |
| Units in two-unit buildings | 16.4% | 17.5% | 35.0% |
| Units in 3–4 unit buildings | 9.6% | 9.2% | 8.3% |
U.S. Census Bureau, ACS 2020–2024. QuickFacts DP04 QuickFacts B25035 QuickFacts DP04
All are cities of renters and old houses. Yearly rent runs 7.6% to 9.3% of a typical home's value, which keeps local property investors buying and renovating, and it's why the equity behind each mortgage matters so much.
What drives demand for private mortgages here
- Rochester sells tax-foreclosed property at its own auction each year, usually in November, with $5,000 down on the spot and the balance due the following week. City of Rochester
- The Greater Syracuse Land Bank asks buyers for proof of funds for both the purchase and the renovation. Land Bank
- Monroe and Onondaga counties each hold a yearly tax foreclosure auction for property outside the cities. Monroe County Onondaga County
- Buffalo runs its own tax foreclosure auction; the next is tentatively set for March 23–25, 2027. City of Buffalo Erie County holds a separate auction for property outside the city, with 20% down and closing within 30 days. Erie County
Growth projects
- Micron broke ground on its first chip plant north of Syracuse on January 16, 2026; the State projects 9,000 jobs on site. Governor of New York
- Syracuse's elevated I-81 viaduct is expected to close to traffic at the end of 2026, replaced by a street-level grid. NYSDOT
- The new $2.1 billion Highmark Stadium in Orchard Park, outside Buffalo, was completed in June 2026. Governor of New York
Projections aren't promises. Judge each mortgage on the property's value today.
Rules that affect the collateral
- Rochester rentals need a Certificate of Occupancy, and pre-1980 rentals in its lead high-risk area need dust wipe tests in every unit. City of Rochester
- Syracuse requires one- and two-unit rentals to register, and the registration doesn't transfer on a sale. City of Syracuse
- Buffalo inspects every non-owner-occupied single and double rental every three years; one that fails can't operate as a rental. City of Buffalo
Every market's numbers are in the free investor guide.
