Most recent Census.gov stats indicate that the Buffalo MSA area had a vacancy rate of 7.2% in Q1 and 13.2% in Q2. Syracuse Ny is at 13.6%, Tampa and Richmond - 14%, Vegas 15%, Houston 17% and Orlando and JAcksonville 18%. When you consider rents vs acquisition price, you cannot go wrong in Buffalo.
Keep in mind that real estate is hyper local, and supply vs demand in areas of Buffalo (North Buffalo, Elmwood, Williamsville village) is quite low, resulting in a vacancy rate of less that 3%. We own properties in the best areas in WNY and do not have any current vacancies, and when we do, tenants are multiple and we have the pick of the litter when we choose to place a tenant.
Depending on your budget and your plan, work with a local Realtor who knows the market to ensure success!