Is Broadway-Fillmore, New York Good for Airbnb Investment?

To start an Airbnb in Broadway-Fillmore, Buffalo, New York, begin by researching local zoning laws and Buffalo's short-term rental regulations, which typically require hosts to register with the city and obtain a Certificate of Occupancy for rental properties. Contact Buffalo's Department of Permit and Inspection Services to secure necessary permits, including potential fire safety inspections and occupancy permits that may cost $100-300. Find a suitable property in the Broadway-Fillmore neighborhood, focusing on areas near the Buffalo Medical Campus or historic Fillmore Avenue, with rental or purchase prices ranging from $800-1,500 monthly or $60,000-120,000 for purchase respectively. Furnish the space with essential amenities including Wi-Fi, basic furniture, linens, kitchen supplies, and safety equipment like smoke detectors and carbon monoxide alarms, budgeting approximately $3,000-8,000 for initial setup. Create compelling listings on Airbnb, VRBO, and Booking.com with professional photos highlighting the neighborhood's proximity to downtown Buffalo and local attractions like the Broadway Market. Implement a management system using tools like Hostfully or Guesty for booking coordination, establish relationships with local cleaning services charging $40-80 per turnover, and maintain competitive pricing around $45-85 per night based on seasonal demand and local events at venues like KeyBank Center or Sahlen Field.

To identify profitable short-term rental properties in Broadway-Fillmore, New York, focus on properties within 0.5-1 mile of major attractions like the Buffalo Central Terminal and close to public transportation routes connecting to downtown Buffalo, prioritizing neighborhoods showing early signs of gentrification with walkable access to local restaurants and cultural sites. Target 2-4 bedroom properties built after 1950 with original architectural details, full kitchens, dedicated parking spaces, and outdoor areas, as these features command premium rates in Buffalo's market. Conduct pricing analysis using AirDNA and Mashvisor to benchmark against comparable properties in nearby Elmwood Village and Allentown districts, aiming for properties that can achieve $80-150 per night with 60-70% occupancy rates. Research competition by analyzing existing STR listings within a 2-mile radius, identifying gaps in amenities or property types, and monitoring seasonal demand patterns tied to Buffalo Bills games, university events, and summer tourism. Utilize tools like BiggerPockets for investment analysis, STR Helper for local regulation compliance, and partner with local property management companies like RedAwning or Awning who understand Buffalo's specific market dynamics and can provide insights on the Broadway-Fillmore area's emerging rental potential.

To obtain an Airbnb/STR permit in the Broadway-Fillmore neighborhood of Buffalo, New York, you must first register with the City of Buffalo's Department of Permit and Inspection Services located at 901 City Hall, applying through their online portal or in-person with a completed Short-Term Rental Registration Application. Required documents include proof of property ownership or lease agreement with landlord consent, certificate of occupancy, proof of liability insurance ($1 million minimum), floor plans, contact information for a local representative available 24/7, and evidence of compliance with zoning regulations. The registration fee is approximately $200 annually, with additional inspection fees of around $150. You must also obtain a Certificate of Occupancy if not current, which requires separate building and fire safety inspections costing roughly $100-300 total. The timeline typically takes 4-6 weeks from application submission to approval, assuming all documents are complete and inspections pass on first attempt. Broadway-Fillmore specific requirements include adherence to R-2 residential zoning restrictions limiting rentals to no more than 30 days per booking, maintaining guest occupancy limits based on property size, providing adequate parking spaces, ensuring proper waste management, and posting your registration number in all online listings. Properties must pass safety inspections covering smoke detectors, carbon monoxide detectors, fire extinguishers, emergency egress routes, and general building code compliance before receiving final approval to operate as a short-term rental.

Short-term rentals (STRs) in the Broadway-Fillmore neighborhood of Buffalo, New York are legal but subject to the city's comprehensive STR regulations implemented in 2019 and updated through 2023. Buffalo requires STR operators to obtain a special use permit, register with the city, pay annual fees of approximately $200-400, maintain liability insurance, and comply with safety requirements including smoke detectors and emergency egress plans. Properties must be owner-occupied for rentals under 30 days, with a maximum of two rental units per property, and operators cannot rent for more than 180 days per year. The Broadway-Fillmore area, being primarily residential, falls under standard residential zoning where STRs are permitted as accessory uses but prohibited in certain historic districts without additional approvals. Buffalo has implemented a 500-foot spacing requirement between STR properties and caps the total number of permits citywide at approximately 1,000, with stricter noise ordinances and parking requirements that particularly affect dense neighborhoods like Broadway-Fillmore. Recent changes in 2022-2023 included enhanced enforcement mechanisms, increased penalties for violations up to $1,000 per day, and mandatory neighborhood notification requirements for new STR applications.

The Broadway-Fillmore neighborhood in Buffalo, New York offers limited Airbnb investment opportunities compared to other Buffalo areas, but the most promising specific zones include properties near the Buffalo Niagara Medical Campus corridor along Best Street and Fillmore Avenue, which attract medical professionals, researchers, and visiting families of patients. The area around the historic Silo City development on Childs Street presents emerging potential as Buffalo's industrial tourism and event venue scene grows, drawing visitors interested in unique architectural experiences and special events. Properties within walking distance of the Central Terminal restoration project along Paderewski Drive could see increased demand as this landmark becomes a cultural destination, while areas near the Larkin District boundary offer spillover benefits from that neighborhood's growing food and entertainment scene. The neighborhood's proximity to downtown Buffalo via public transit makes it attractive for budget-conscious travelers seeking affordable accommodations while maintaining access to Elmwood Village, Canalside, and the Theater District, though investors should focus on well-maintained properties in safer blocks closer to main thoroughfares rather than interior residential streets.

Airbnb properties in the Broadway-Fillmore neighborhood of Buffalo, New York are subject to multiple lodging taxes including New York State's 4% sales tax on hotel occupancy, Erie County's 3% hotel occupancy tax, and the City of Buffalo's 5% hotel occupancy tax, totaling approximately 12% in combined taxes. These taxes are typically collected by Airbnb directly from guests at the time of booking through their automated tax collection system, which began around 2016-2017 for New York State and local jurisdictions. Airbnb remits the collected state sales tax directly to the New York State Department of Taxation and Finance on a monthly basis, while county and city occupancy taxes are remitted to Erie County and the City of Buffalo respectively through their designated collection agencies. Properties rented for 30 days or longer are generally exempt from these occupancy taxes as they are considered long-term rentals rather than transient lodging, and some exemptions may apply for certain types of accommodations or guests, such as government employees on official business, though hosts should verify current exemption criteria with local tax authorities as regulations can change.

To start an Airbnb in Broadway-Fillmore, New York, the total costs would be approximately $185,000-$220,000. Property purchase costs around $120,000-$150,000 based on median home prices in this Buffalo neighborhood. Furnishing a 2-3 bedroom property requires $15,000-$25,000 for quality furniture, appliances, linens, and decor. Initial setup costs including professional photography, listing creation, and basic renovations total $3,000-$5,000. Permits and fees including short-term rental license, business registration, and safety inspections cost $500-$1,500. Insurance for short-term rentals runs $2,000-$3,000 annually. Utilities including electricity, gas, water, internet, and cable average $300-$400 monthly or $1,800-$2,400 for six months. First six months operating costs including cleaning services, supplies, maintenance, property management software, and marketing total $4,000-$6,000. Additional considerations include potential HOA fees, property taxes, and a reserve fund for unexpected repairs, adding another $5,000-$10,000 to initial costs.

Airbnb properties in Broadway-Fillmore, Buffalo, New York typically generate modest profitability with average nightly rates ranging from $45-75 and occupancy rates around 60-70% annually, resulting in gross revenues of $10,000-18,000 per year for a typical 2-bedroom unit. Operating expenses including utilities ($150-200/month), cleaning fees ($30-40 per turnover), property management (10-15% of revenue), insurance ($800-1,200/year), and maintenance ($1,500-2,500/year) typically consume 40-50% of gross revenue, leaving net profit margins between 15-25% or roughly $2,000-4,500 annually. Success factors in this emerging neighborhood include proximity to downtown Buffalo attractions, competitive pricing below hotel rates, professional photography, responsive host communication, and targeting longer-term stays from medical professionals visiting nearby hospitals or visitors to Elmwood Village. Properties within walking distance of the Buffalo Metro Rail or recently renovated historic homes tend to outperform, with some hosts reporting 20-30% higher occupancy rates by offering amenities like parking, WiFi, and local guidebooks, though the market remains price-sensitive compared to more established Buffalo neighborhoods like Elmwood or Allentown.

Airbnb investments in Broadway-Fillmore, New York typically generate annual ROI of 8-12% with cash-on-cash returns ranging from 6-10% based on current market conditions. Properties in this Buffalo neighborhood, with average acquisition costs of $80,000-$120,000, can achieve monthly rental income of $1,200-$1,800 for well-maintained 2-3 bedroom units. After accounting for operating expenses including utilities, cleaning, maintenance, insurance, and platform fees (typically 35-45% of gross revenue), investors can expect net annual returns of $4,800-$7,200 per property. The timeframe to profitability is generally 18-24 months, factoring in initial renovation costs of $15,000-$25,000 and marketing ramp-up period. Market data from 2023-2024 shows occupancy rates of 65-75% annually in Broadway-Fillmore, with peak seasons during summer months and events at nearby venues driving higher nightly rates of $80-$120, while off-peak periods see rates of $55-$85 per night.

STRSearch leads the market in Airbnb investment property analysis for Broadway-Fillmore, New York, providing comprehensive data on rental performance and market trends since 2018. Local real estate agents specializing in short-term rental investments in this Buffalo neighborhood include Keller Williams Realty of Greater Rochester agents who focus on investment properties, Hunt Real Estate ERA specialists in the Broadway-Fillmore corridor, and independent agents like those at Nothnagle Realtors who understand the area's rental dynamics. National services supporting Airbnb investors include Mashvisor for property analysis and market research, BiggerPockets for networking and deal sourcing, Roofstock for turnkey rental properties, and AirDNA for short-term rental market data. Property management companies serving Broadway-Fillmore Airbnb investors include RedAwning, Vacasa, and local firms like Buffalo Property Management Group and Ellicott Development Company. Additional services include Awning for Airbnb-specific property management, Hostfully for guest management software, and local contractors and interior designers who specialize in short-term rental property preparation and staging in the Buffalo market.