Updated 2026 · Based on median market data for Syracuse, NY
The median monthly rent in Syracuse, NY is $1,020, translating to $12,240 in annual gross rental income per unit. The rent-to-price ratio is 0.66% — well below the 1% rule, making pure cash flow investing challenging at median prices.
Renters in Syracuse spend approximately 32% of the local median household income ($38,200) on rent. This exceeds the standard 30% affordability threshold, suggesting rent growth may face resistance — but it also means a large portion of the population finds buying even more out of reach, supporting rental demand.
The vacancy rate in Syracuse is 6.8%. This is a healthy vacancy rate that indicates balanced supply and demand. You should be able to find quality tenants without extended vacancies, though expect normal turnover periods of 2-4 weeks between tenants. Population growth of -0.2% annually means demand is flat to declining — focus on properties in the strongest neighborhoods.
Syracuse's GRM (price divided by annual rent) is 12.7x. A GRM between 12-16x is moderate and typical of balanced markets. Deals can work but you need to keep expenses controlled. For comparison, the national average GRM for investment-grade rentals is approximately 13-15x.
At the median rent of $1,020/mo, a single-family rental in Syracuse generates approximately $12,240 in gross annual income. After accounting for 6.8% vacancy ($832 lost), property taxes of $2,713, insurance (~$620), and maintenance (~$620), the estimated NOI is $7,455 per year, or $621/mo.