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<!DOCTYPE html>
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<title>Housing Needs Assessment and Market Study</title>
<meta name="description" content="Explore the Downtown Syracuse Housing Needs Assessment and Market Study.">
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<span class="title"><B>Housing Needs Assessment and Market Study</B></span>
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<h1>Downtown Syracuse
<br><span style="font-weight: normal;">Housing Needs Assessment and Market Study</span>
</h1>
<div class="row">
<div class="eight columns" style="margin-top: 2%;">
<p>This is a project of the
<a href="https://www.downtownsyracuse.com/" target="_blank" rel="noopener noreferrer">Downtown Committee of Syracuse</a> by
<a href="https://communityscale.io/" target="_blank" rel="noopener noreferrer">CommunityScale</a>. The purpose of this project is to create a detailed analysis of Downtown Syracuse’s housing market to provide data-driven insights into opportunities to develop and grow overall housing options for the next 5-10 years. This includes understanding housing availability, current market, and long-term trends. This will focus on demographic changes and economic factors that impact housing development.
</p>
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<h3>Understanding Downtown Syracuse's housing market within regional growth and demographic shifts</h3>
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<p>Downtown has had explosive growth since 2015, including adding higher income households.</p>
<p>Single-person households and seniors living alone are strong growth areas and could be targeted with new units that meet their needs and preferences.</p>
<p>All of Onondaga County is a 20-30 minute drive from Downtown, making it the de facto market area for analysis and the primary draw area from which to attract new residents to downtown housing. The County region added 9,000 households since 2020. As the County region continues to grow for the next 5 years, a portion of that growth could be attracted to live downtown if the right units, amenities, lifestyle are available.</p>
<p>Since 2019, 50% of residents who moved to Downtown Syracuse came from outside of Onondaga County, so the analysis should also consider opportunities to attract more residents and investment from beyond Onondaga County.</p>
</div>
<div class="seven columns" style="margin-top: 2%">
<iframe title="Total households" aria-label="Interactive line chart" id="datawrapper-chart-NApGO" src="https://datawrapper.dwcdn.net/NApGO/2/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="400" data-external="1"></iframe>
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</script>
<figcaption style="font-size: 0.8rem; margin-top: 0.5rem;">Total households in Downtown Syracuse compared with other downtowns and neighborhoods.</figcaption>
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<div class="twelve columns" style="margin-bottom: 0%;">
<h3>Multifamily rental conditions</h3>
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<div class="twelve columns" style="margin-top: 2%; margin-left: 0;">
<p>Downtown has 3,024 multifamily units, added 699 new units in the last 5 years, and an additional 589 units are in the development pipeline. The average asking rent per square foot across all Downtown units is $1.70. Projects built in the last two years are achieving $2.18-$4.35 per square foot, especially among smaller units.</p>
<ul>
<li>Average Studio Asking Rent $1,299 </li>
<li>Average 1 Bedroom Asking Rent/Unit $1,382 </li>
<li>Average 2 Bedroom Asking Rent/Unit $1,889 </li>
<li>Average 3 Bedroom Asking Rent/Unit $3,179 (skewed by low sample size) </li>
</ul>
<p>Depending on the unit size and building amenities, downtown units are renting for 15-75% more than average units in the broader City of Syracuse submarket and Metro Syracuse market. The occupancy rate is 95%, which is higher than the historic average of 93%. This tight rental market suggests there is pent-up demand for more apartments.</p>
<iframe title="Rent per square foot in Downtown Syracuse" aria-label="Range Plot" id="datawrapper-chart-5nYCO" src="https://datawrapper.dwcdn.net/5nYCO/2/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="738" data-external="1"></iframe>
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</script>
<figcaption style="font-size: 0.8rem; margin-top: 0.5rem;">Asking rents per square foot in Downtown Syracuse multifamily housing as of 2025.</figcaption>
</div>
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<div class="twelve columns" style="margin-bottom: 0%;">
<h3>When do people come to Downtown?</h3>
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<div class="six columns" style="margin-top: 2%; margin-left: 0;">
<iframe title="Activity in Downtown Syracuse by day of the week" aria-label="Stacked Columns" id="datawrapper-chart-ae5HG" src="https://datawrapper.dwcdn.net/ae5HG/1/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="456" data-external="1"></iframe>
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<figcaption style="font-size: 0.8rem; margin-top: 0.5rem;">Residential users are constant but a small fraction of the overall activity in Downtown. Friday is the busiest day.</figcaption>
</div>
<div class="six columns" style="margin-top: 2%">
<iframe title="Activity in Downtown Syracuse by time of day" aria-label="Stacked Columns" id="datawrapper-chart-OkPi0" src="https://datawrapper.dwcdn.net/OkPi0/1/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="470" data-external="1"></iframe>
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</script>
<figcaption style="font-size: 0.8rem; margin-top: 0.5rem;">Midday is the busiest time of day, with the most visitors coming at 7PM.</figcaption>
</div>
<div class="twelve columns" style="margin-top: 10px">
<figcaption style="font-size: 0.8rem; margin-top: 0.5rem;">Placer.ai analyzes aggregated, statistical foot traffic data from mobile device location data, and while it doesn't explicitly define what constitutes a "visit," it's reasonable to assume that a visit is generally considered to be a period of time spent within a defined area, or point of interest (POI), and driving through a POI likely wouldn't be counted as a visit.</figcaption>
</div>
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<h3>How does Downtown Syracuse compare to peer communities?</h3>
</div>
<div class="twelve columns" style="margin-bottom: 0%;">
<p>Comparable communities help market studies by providing benchmarks on key metrics such as growth, demographics, and income across areas with similar socioeconomic or geographic characteristics. In this case, each community was chosen for its relevance in size, regional context, and overall demographic profiles, allowing for a meaningful comparison of trends and conditions.</p>
<p>Downtown Syracuse is compared to other neighborhoods within Syracuse including Westcott/ University Hill, Tipperary Hill, and Franklin Square / Lakefront, as well as downtown neighborhoods in other upstate New York cities, Rochester and Buffalo.</p>
</div>
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<div class="six columns" style="margin-top: 2%; margin-left: 0;">
<iframe title="Percent household growth since 2010" aria-label="Interactive line chart" id="datawrapper-chart-Sfzmt" src="https://datawrapper.dwcdn.net/Sfzmt/1/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="396" data-external="1"></iframe>
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<div class="six columns" style="margin-top: 2%">
<iframe title="Inflation-adjusted median household income" aria-label="Interactive line chart" id="datawrapper-chart-1OrP9" src="https://datawrapper.dwcdn.net/1OrP9/1/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="391" data-external="1"></iframe>
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<div class="six columns" style="margin-top: 2%; margin-left: 0;">
<iframe title="Percent of householders over 65 years old" aria-label="Interactive line chart" id="datawrapper-chart-FUjcY" src="https://datawrapper.dwcdn.net/FUjcY/2/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="421" data-external="1"></iframe>
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<iframe title="Percent of homes available for sale or for rent" aria-label="Interactive line chart" id="datawrapper-chart-14Iiq" src="https://datawrapper.dwcdn.net/14Iiq/4/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="402" data-external="1"></iframe>
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<iframe title="Average household size" aria-label="Interactive line chart" id="datawrapper-chart-uVsH8" src="https://datawrapper.dwcdn.net/uVsH8/2/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="395" data-external="1"></iframe>
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<iframe title="Percent rent-burdened households" aria-label="Interactive line chart" id="datawrapper-chart-aNTSK" src="https://datawrapper.dwcdn.net/aNTSK/1/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="397" data-external="1"></iframe>
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<p class=""><a href="https://www.downtownsyracuse.com/" target="_blank">The Downtown Committee of Syracuse</a> is a private, not-for-profit, professional Downtown management organization that represents all property owners and tenants within the central business district.
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<p class=""><a href="http://communityscale.io" target="blank">CommunityScale</a> is a pioneering urban planning and spatial data analysis company serving clients across the United States. Follow us on <a href="https://www.linkedin.com/company/communityscale">LinkedIn</a> and <a href="https://twitter.com/CommunityScale">X</a>.</p>
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