Apartment vacancies in downtown Rochester are up, but that's actually a sign of good things to come. The Downtown Development Corporation conducted a survey covering condos, townhomes and apartments in downtown Rochester. It found that of the 2,206 rentals in downtown, 146 are currently vacant. That's up four percent this year over last. But, the vacancies have nothing to do with a lack of interest in renting downtown.
Call it a healthy competition if you will. It is projects just like one on Alexander Streetin Rochester. This will be home to not only business but upscale housing as well. Projects just like this that are putting pressure on some of Rochester's oldest apartment buildings to make them more appealing to possible renters.
It's the long-standing buildings such as 111 East Avenue--once a popular rental--that are seeing competition from high scale developments in the St. Paul Quarter, East End and Corn Hill Landing--all of which have lower vacancies at about 3 percent.
Officials with the Downtown Development Corporation say this is the first year they've seen direct competition between old versus new in Rochester. It's not just empty-nesters flocking to these high-class condos and town homes, it's a much younger set, without children, career-driven...looking for luxury without the lawn.
“We're not only seeing that convergence create a huge powerhouse on the marketplace, but we're being told that demographic shift is going to continue playing real interest in the markets, in the urban markets and the downtown markets through about 2024,” says RDDC President Heidi Zimmer-Meyer.
Keep in mind, renting in downtown Rochester no longer means within the city's inner loop. In fact, many of these projects are spilling out into areas such as High Falls, Corn Hill and on Alexander Street.