Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.

Steuben Trust shareholders approve $109 million sale to Community Bank System
HORNELL — Steuben Trust Corp. shareholders on March 3 overwhelmingly voted to approve its proposed sale to Community Bank System, Inc. (ticker: CBU), parent of Community Bank. Steuben Trust reported that more than 98 percent of the votes cast were voted to approve the deal and that more than 84 percent of the issued and […]
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
HORNELL — Steuben Trust Corp. shareholders on March 3 overwhelmingly voted to approve its proposed sale to Community Bank System, Inc. (ticker: CBU), parent of Community Bank.
Steuben Trust reported that more than 98 percent of the votes cast were voted to approve the deal and that more than 84 percent of the issued and outstanding shares were represented at the special meeting. The acquisition is expected to close during the second quarter of 2020, pending regulatory approval and other customary closing conditions, Community Bank System said.
Last Oct. 21, Community Bank System announced that it had entered into a definitive agreement to acquire Steuben Trust Corp., the parent company of Steuben Trust Company, a New York State chartered bank headquartered in Hornell, for about $109 million in Community Bank stock and cash. Steuben Trust currently operates 14 branches in Western New York.
DeWitt–based Community Bank says the deal extends its reach into Western New York (WNY). Steuben Trust provides Community Bank, with improved scale in several more WNY markets, including Buffalo and Rochester, with total assets of nearly $580 million, deposits of $480 million, and 15 branch offices across a six-county area. ν

Leadership Greater Syracuse announces new board members, officers
DeWITT — Leadership Greater Syracuse (LGS), a nonprofit that offers a yearlong civic-leadership training program, recently announced two new members of its board of directors. Elected to serve three-year terms are: • Ryan McDermott, VP, M&T Bank (LGS Class of 2011) • Rebecca Hoda-Kearse, Title IX-Affirmative Action officer, SUNY College of Environmental Science & Forestry (LGS Class
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
DeWITT — Leadership Greater Syracuse (LGS), a nonprofit that offers a yearlong civic-leadership training program, recently announced two new members of its board of directors. Elected to serve three-year terms are:
• Ryan McDermott, VP, M&T Bank (LGS Class of 2011)
• Rebecca Hoda-Kearse, Title IX-Affirmative Action officer, SUNY College of Environmental Science & Forestry (LGS Class of 2015)
LGS also announced that four board members were elected as officers. They are:
• President: Kathleen Bennett, member, Bond, Schoeneck & King, PLLC (LGS Class of 2008)
• Vice Chair: Amy Lawler, VP of finance, CenterState CEO (LGS Class of 2011)
• Treasurer: McDermott (one of the two new members)
• Secretary: Jennifer Smith, associate general counsel, C&S Companies (LGS Class of 2013)
“LGS is honored to have these high caliber professionals serve on our board of directors,” LGS Executive Director Pam Brunet said in a news release. “These individuals are leaders within their organizations and they epitomize the LGS mission by taking an active role in the community.”
LGS recently kicked off the program year for its Class of 2020, the organization’s 30th class.
Five Star Bank parent increases quarterly dividend by 4 percent
WARSAW, N.Y. — Financial Institutions, Inc. (NASDAQ: FISI), parent of Five Star Bank, recently announced it is boosting its quarterly dividend by 4 percent. The banking company will pay a quarterly cash dividend of 26 cents a share per common share outstanding for the first quarter, up from the 25 cents a share it paid
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
WARSAW, N.Y. — Financial Institutions, Inc. (NASDAQ: FISI), parent of Five Star Bank, recently announced it is boosting its quarterly dividend by 4 percent.
The banking company will pay a quarterly cash dividend of 26 cents a share per common share outstanding for the first quarter, up from the 25 cents a share it paid for the fourth quarter.
Financial Institutions said it will pay the new, higher dividend on April 2, to shareholders of record on March 19.
“Today’s announcement represents our 10th consecutive year of dividend growth. The dividend increase reflects continued confidence in the Company’s outlook by our Board of Directors and management and demonstrates a strong commitment to this component of the shareholder experience,” Martin K. Birmingham, Financial Institutions president and CEO, said in a Feb. 27 statement.
Five Star Bank, based in Warsaw in Wyoming County, has more than 50 branches throughout Western and Central New York. Its CNY branches include offices in Auburn, Geneva (2), Seneca Falls, Elmira (2), and Horseheads.
Financial Institutions and its subsidiaries employ about 700 people.
New York egg production rises almost 3 percent
New York farms produced 147.5 million eggs in January, up 2.9 percent from 143.3 million eggs in the year-ago period, the USDA’s National Agricultural Statistics Service (NASS) recently reported. The number of layers in the Empire State averaged 5.72 million in January, up slightly from 5.68 million layers a year earlier. January egg production per
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
New York farms produced 147.5 million eggs in January, up 2.9 percent from 143.3 million eggs in the year-ago period, the USDA’s National Agricultural Statistics Service (NASS) recently reported.
The number of layers in the Empire State averaged 5.72 million in January, up slightly from 5.68 million layers a year earlier. January egg production per 100 layers totaled 2,579 eggs, up 2.1 percent from 2,525 eggs in January 2019.
In neighboring Pennsylvania, farms produced 804.9 million eggs during January, up nearly 7 percent from 753.2 million eggs a year prior.
U.S. egg production totaled 9.73 billion eggs in January, up less than 1 percent from 9.66 billion eggs produced a year ago.

Syracuse, Cornell, and Colgate moving classes online over coronavirus concerns
Three of Central New York’s well known private universities have decided move their classes online — for different time lengths — over ongoing concerns about the coronavirus. Syracuse University is moving classes online once students return from their spring break and will continue with that system through at least March 30. As of March 11, Colgate
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
Three of Central New York’s well known private universities have decided move their classes online — for different time lengths — over ongoing concerns about the coronavirus.
Syracuse University is moving classes online once students return from their spring break and will continue with that system through at least March 30.
As of March 11, Colgate University planned to move all on-campus course and labs online “and/or convert to alternative modes of teaching and learning,” per its website and a message of school president Brian Casey. The school expects the plan to continue through April 19 and hopes to return to in-person instruction by April 20.
In a March 10 message to the Cornell campus, school president Martha Pollack said that all classes will be online after the school’s spring break and for the rest of the semester. “We will be asking all undergraduate students and many professional degree students to leave campus at the start of spring break and to remain at their permanent home residence, completing their semesters remotely,” Pollack said.
Syracuse announcement
Central New York Business Journal had in-person coverage for Syracuse University’s announcement, which we initially reported on our website, cnybj.com.
The school was scheduled to suspend on-campus, or what it calls “residential,” instruction, effective the end of the academic day on March 13, as students leave the campus for spring break.
“We will transition instruction to an online format or to some other alternative distance modality … through at least the 30th of March,” Michael Haynie, vice chancellor for strategic initiatives and innovation at Syracuse University, told reporters during a March 10 news conference.
The campus will remain open for normal business, Haynie noted in his remarks. “Staff will continue to come to work.”
SU officials will continue to work over the course of the coming weeks to evaluate the coronavirus situation and make subsequent decisions about whether or not to resume residential instruction or continue in an online-learning format, Haynie said.
The school monitored guidance from New York State and federal authorities, including the Atlanta, Georgia–based Centers for Disease Control and Prevention and the World Health Organization, and sought consultation with Onondaga County Health Department and faculty experts from Syracuse’s Falk public health program.
“Ultimately, we believe that this is the right and prudent decision on behalf of our students but also our faculty and staff and the Central New York community It’s the right thing to do from a public-health perspective,” said Haynie.
The timing of this announcement coincides with Syracuse’s spring break. According to the school’s data, almost 5,000 students could be returning home to locations in areas that include downstate New York, but also to Southern California, China, Florida, and Northern New Jersey.
“As a consequence, the idea of then returning immediately from spring break and the potential risk that that could pose to this community, we made this decision out of an abundance of caution on behalf of the community,” said Haynie.
SU officials will use the next several days to work with faculty in the transition to online learning. Haynie noted that Syracuse’s faculty has access to its “rapid online development tool kit” to help them and support them in their effort to move courses online. Syracuse is also asking its students to take with them all of the things that they need to continue their academic studies when they leave for spring break.
As Haynie continued, he noted that those belongings could include “textbooks, laptop devices, and certainly anything else that they’d want to have with them, given … there’s the potential that they may be away from campus for an extended period of time … longer than certainly spring break.”
As for athletic events, guidance “will be forthcoming” after consultation with the ACC and the NCAA and “those conversations are ongoing,” according to Haynie.
Haynie also noted that this decision creates a “host” of questions “that we just don’t have answers to yet.”
Special website
Syracuse has launched a new website — Syracuse.edu/coronavirus — where the school will post updates and announcements pertaining to the situation.

SRC’s Brown selected as MACNY’s 2020 Innovator of the Year
Daniel Brown was nominated by his co-worker, Chris Capraro, for his “innovative developments in machine learning and neuromorphic computing,” per a MACNY news release. SRC is a nonprofit corporation headquartered in Cicero that focuses on areas that include defense, environment, and intelligence. “From all of us at MACNY, I would like to congratulate Dan and
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
Daniel Brown was nominated by his co-worker, Chris Capraro, for his “innovative developments in machine learning and neuromorphic computing,” per a MACNY news release.
SRC is a nonprofit corporation headquartered in Cicero that focuses on areas that include defense, environment, and intelligence.
“From all of us at MACNY, I would like to congratulate Dan and SRC on their innovative accomplishments and receiving this well-deserved honor,” Randy Wolken, president & CEO of MACNY, said in the March 6 announcement. “Again this year, we received nominations for many well-qualified candidates who are considered outstanding innovators by their peers and colleagues. The committee was thoroughly impressed by Dan’s commitment to innovation and the continued progress and success he has brought to SRC, Inc. On behalf of the MACNY membership, we look forward to recognizing Dan and SRC for their many innovative achievements at MACNY’s 107th annual dinner.”
MACNY’s Innovator of the Year Award was created at the suggestion of the association’s member executives and CEOs, as a way to “nominate and recognize individuals within a company who consistently demonstrate forward thinking ideas in the areas of technology, innovation, and advancement of products and production,” MACNY said.
As part of MACNY’s tradition, the organization will honor Brown at its 107th annual dinner, which will include his SRC colleagues and an audience of more than 600 members of the manufacturing and business community from Central and Upstate New York.
The dinner is set for May 21 at the SRC Arena and Events Center on the campus of Onondaga Community College in the town of Onondaga.
About Brown’s work
Brown recently helped transition “state-of-the-art” machine-learning methods for detecting very small moving objects in infrared camera imagery for testing with SRC’s counter-UAS (C-UAS) technology.
This is a “tedious” task for an operator, which is “error prone and fatiguing.” Brown’s contributions have already shown “significant promise” at several C-UAS exercises and may soon help military members in the field.
UAS, or unmanned aircraft system, includes a drone and equipment used to control its flight. A drone is also referred to in the industry as an unmanned aerial vehicle, or UAV.
Brown was also able to configure and develop software for a very low-size, weight and power (SWaP) computational system on a chip from Santa Clara, California–based Nvidia Corp. (NASDAQ: NVDA) called a TX2. This computer hardware uses about 10-15 watts of power, is less than 7 inches square and 2 inches thick, and weighs about 3.5 pounds.
Brown was able to decode the full video stream, perform machine learning for moving object detection, augment the video with target bounding boxes, and re-encode the video stream in real-time. His effort is described as a “huge accomplishment” and allows SRC to add “critical, state-of-the-art machine learning” to its existing C-UAS systems with minimal impact on SWaP.
Brown also recently developed, “for the first time ever,” parallel-processing techniques for the neuromorphic True North system. At first, just a couple processors, then 16 and 32 – all working “simultaneously.” He processed synthetic aperture radar (SAR) imagery/targets, tanks and trucks using the moving and stationary target acquisition and recognition (MSTAR) data for automatic target recognition, which he has briefed to military generals, federal lawmakers, and others.
“Dan’s efforts have enabled innovation at SRC and led the way in a variety of ways. Dan has focused his technical work on developing advanced hardware and software technologies that continually contribute to the main and critical objectives of our bio-inspired and machine learning efforts,” Capraro said in the nomination form.
5 Tips for U.S. Companies to Prepare for Coronavirus
A recent Mower PR & PA Group survey of corporate executives found only a third said their organizations are either very or extremely ready for the coronavirus outbreak from both an operational and communications standpoint. Additionally, six out of 10 people responding said their companies either did not have a crisis-communications plan or the existing
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
A recent Mower PR & PA Group survey of corporate executives found only a third said their organizations are either very or extremely ready for the coronavirus outbreak from both an operational and communications standpoint. Additionally, six out of 10 people responding said their companies either did not have a crisis-communications plan or the existing plan did not have provisions for a potential pandemic. To take a broader look at how organizations are responding to this evolving situation, Mower surveyed corporate executives about communications and operational steps their organizations have taken. The responses from 70 business executives suggest that some companies are more ready than others for the issues the spread of COVID-19 may bring.
Like any crisis that businesses face, poor communications and operational complacency could make the threat posed by COVID-19 an even greater challenge. Your management team will not be blamed if the coronavirus strikes, of course, but how well your company prepares and responds will be judged by employees, customers, suppliers and other stakeholders.
Effectively communicating preparedness and making smart operational adjustments are critical for organizations to successfully navigate this or any crisis. A widespread outbreak in the U.S. would particularly disrupt travel, retail, entertainment and health-related businesses. Other businesses could suffer from mission-critical supply-chain problems. All companies run the risk of staff absenteeism or customer slowdowns. Here are five key steps your organization should take to communicate effectively and adjust operations:
1. Sound the alarm, but don’t be an alarmist.
Government warnings and news reports make it likely key audiences have questions about your plans if and when COVID-19 becomes a serious issue in the U.S. You need to display an appropriate level of concern, coupled with implementation of preventive measures.
With these communications, employees come first. You should act now. Make it clear that if employees and contractors are sick — especially if they exhibit respiratory illness symptoms, such as a cough, shortness of breath or fever — they should stay home and see their doctors. Remind employees of proper hand hygiene, along with cough and sneeze etiquette.
Place 60 percent alcohol-based hand-sanitizer units near workplace entrances, in conference and break rooms, and other high-traffic areas to serve as visual reminders about the need for protection. Sanitizing wipes and tissues should be readily available and quickly restocked. Encourage employees to wash their hands with soap and water for at least 20 seconds several times each day. And, if you operate an employee cafeteria, review hygiene and food-safety procedures, including having cafeteria workers wear gloves and face masks.
2. Adjust policies to reflect the threat.
As companies aggressively encourage sick employees to stay home, they must also review work-from-home and sick-leave policies. Keep in mind that many employees will need to stay home not only if they’re sick, but to care for ill family members or cope with childcare issues if schools close.
Employees afraid of losing pay or opportunities are more likely to risk coming to work even if they feel ill or have been exposed to COVID-19. The risks are compounded by recent changes many companies have made to their workspaces: open spaces with fewer offices and more shared desks and collaboration areas. Your company must ensure employees and contractors are aware of your policy changes and that you will follow public health advisories.
Get used to hearing the term “social distancing.” Because experts think the coronavirus is transmitted through human contact, public health officials recommend reducing unnecessary face-to-face meetings. Many companies are restricting international travel, particularly to areas where the coronavirus is prevalent. Make sure anyone booking travel checks the CDC’s travel health notices for up-to-date information.
Some companies also use screening tools to block access for visitors who may have been exposed. Make this process transparent for employees and visitors to set expectations and eliminate frustration.
These temporary steps can help cut the spread of COVID-19 and may serve to stave off potential mandatory bans.
3. Leverage technology and relationships.
The growth of companies allowing work-from-home arrangements is a positive trend that can help combat the spread of coronavirus. Make sure your employees’ computers, tablets and smart phones have the most recent version of your remote meeting software.
Limiting large gatherings can reduce potential COVID-19 exposure, but this can pose problems for companies planning sales meetings, holding launch events for new products or locations, or taking part in major conferences. Before you cancel these events, consider delaying them or offering virtual meeting options.
Strong, healthy relationships are more likely to endure business disruptions and crises, but that requires communications that are honest, open, and authentic.
Take steps now to strengthen connections with employees, customers, suppliers, communities and thought leaders. Limiting face-to-face meetings does not need to negatively impact the amount of contact and connection with key audiences. Prepare in advance by discussing the “what ifs” with internal audiences, customers and suppliers to help discover potential options you may need to deploy in this or other crisis situations. You can also investigate options for accelerating delivery of critical supplies to have a 30-day inventory on hand.
4. Be flexible, understanding, and human.
Your company cannot control the level of impact of the coronavirus, but you can positively influence how quickly your business recovers. This depends largely on the flexibility and compassion your organization shows to employees, suppliers, and customers who must react in real time to what’s happening with their families, colleagues, and public health advisories.
Make health and safety measures a priority. Help employees and your community cope, and your actions will be remembered long after business disruptions fade.
5. Communicate early and often.
Keeping employees and other key audiences fully informed is critical to illustrate your organization is ready to cope as best as possible. Regular communications help to maintain trust.
Your communications team should be structured to handle rapidly evolving situations —not just the coronavirus, but any crisis. Having plans to regularly update employees and other audiences is key to reducing uncertainty and combating the rumor mill. People are much more understanding when they see you’re aware, that you care, and that you’re taking steps to minimize potential damage.
Hopefully, the COVID-19 outbreak does not become a full-blown pandemic. Taking appropriate operational and communications steps now will help your organization’s strength and stability. When lives and livelihoods are at stake, having a management team that’s considered well-prepared, thoughtful, and resilient will enhance your corporate reputation long after the coronavirus is controlled.
Rick Lyke, is executive VP — managing director, public relations & public affairs at Mower. A Syracuse native and graduate of Syracuse University, Lyke heads Mower’s public relations and public affairs practice.

OCC/Keuka pact allows students to pursue social work bachelor’s on either campus
ONONDAGA — Onondaga Community College (OCC) and Keuka College officials on March 2 signed a dual admission and general transfer agreement for students who want to pursue a bachelor’s degree in social work. Students accepted into the dual-admission program who earn an associate degree from OCC in human services will be able to pursue a
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
ONONDAGA — Onondaga Community College (OCC) and Keuka College officials on March 2 signed a dual admission and general transfer agreement for students who want to pursue a bachelor’s degree in social work.
Students accepted into the dual-admission program who earn an associate degree from OCC in human services will be able to pursue a bachelor’s degree in social work from Keuka College on the OCC campus, online, or on the Keuka College campus.
OCC further expects that the new program will be part of its Weekend College this August, pending approval by SUNY and the New York State Department of Education.
“We anticipate that this will join our Weekend College offerings, making sure that working adults in Central New York who have to fit their education around busy lives will have access to another degree program and another option,” OCC President Casey Crabill said in remarks at the signing ceremony at OCC.
Officials from OCC and Keuka met early last summer to begin the discussions about the agreement.
“I think both institutions understood that there was some urgency in really making a better pathway for students from our human-services program to a bachelor’s in social work program,” the OCC president added.
This is a dual admissions program.
“Keuka College will make its education readily attainable to OCC students by offering courses at its own campus and on the OCC campus, so this provides some accessibility,” Crabill noted.
Keuka College graduates a large number of students who stay in the area, which is also “very common” for community colleges and Onondaga Community College, Keuka College President Amy Storey said in her remarks during the morning signing ceremony.
“70 percent of our alumni stay in upstate New York. My greatest hope is that with the need that we know … continues to grow for well-trained social workers that we are able to fulfill that need in our communities,” Storey said.
Located on the shore of Keuka Lake, Keuka College has a 290-acre campus with more than 1,100 students and about 300 employees. The school is the largest private employer in Yates County.

Eight startups begin their work in the spring AFRL Commercialization Academy
ROME — The eight startup teams in the next group involved in the AFRL Commercialization Academy have started their work. AFRL is short for Air Force Research Laboratory. The companies are focused on areas that include cybersecurity, big data analytics, information systems, and the unmanned aircraft systems (UAS) industry, Griffiss Institute said in a news
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
ROME — The eight startup teams in the next group involved in the AFRL Commercialization Academy have started their work.
AFRL is short for Air Force Research Laboratory.
The companies are focused on areas that include cybersecurity, big data analytics, information systems, and the unmanned aircraft systems (UAS) industry, Griffiss Institute said in a news release. They were selected from a pool of applicant submissions.
The teams will be “incubated and educated” while building their startups around U.S. Department of Defense (DoD) intellectual property (IP) from the AFRL in cooperation with the other AFRL partnership intermediaries around the nation.
“The spring 2020 cohort is an impassioned group of startups with many creative ideas that can positively impact Central New York and the entire country,” Dan Fayette, AFRL Commercialization Academy program manager, said. “I look forward to watching their progress through the Commercialization Academy as they gather valuable information to help their businesses prosper and thrive. I wish the best of luck to all, as they strive to make the cut and compete at Demo Day for IDEA NY prize money.”
In their Commercialization Academy work, the startups will participate in bi-weekly online classes and one-on-one sessions; go through a down-select process in April; and the remaining selected teams will pitch their tech businesses to a panel of judges at a June Demo Day event for a piece of the $300,000 in prize seed funding from IDEA NY.
A grand prize of $200,000 will be awarded to the overall winner, and $100,000 will go to the runner-up.
After Demo Day, eligible teams will participate in the IDEA NY accelerator program that will “incentivize promising entrepreneurs” to create and grow viable commercial businesses in the Mohawk Valley by requiring that the company locate its primary office in the Mohawk Valley region for a 12-month period, per the release.
The AFRL Commercialization Academy is a Griffiss Institute entrepreneurial education program sponsored by the Air Force Research Laboratory Information Directorate (AFRL/RI).
8 companies involved
• Future Skills USA of Utica is a homeland defense and national security social enterprise focused on the economic development and workforce development of the Mohawk Valley, security and sustainability of U.S. commercial and military enterprises, along with global and national information infrastructures.
• Imagine Aerial of Manlius is developing and deploying UAS and “data innovations that revolutionize” project delivery in building construction and maintenance, infrastructure, sports and public safety, as described in the release.
• Another company from Oneida, whose name is “pending,” is developing an online privacy and anonymity service through the use of artificial intelligence and cloud computing.
• Seven Points of Utica is a data-specific SaaS (software as a service) company focusing on human-centered design for municipalities, small businesses, and nonprofits.
• Atolla Surveillance of Rockville Centre (Nassau County, Long Island) is developing a sensor system for the counter-surveillance of micro air vehicles (MAVs) that would otherwise be undetectable.
• BloomOptix of Rochester is focused on providing “innovative, high-resolution, accurate and timely, early” harmful algal blooms (HABs) detection and future forecasting services, through the collection of data using unmanned aerial and surface vehicles.
• OMADA Group of Long Beach (Nassau County, Long Island) is a training organization which also partners with additional companies in the UAV space to provide consolidated programs to law enforcement, fire services, and emergency services.
• Vistex Composites of Schenectady is a manufacturing “innovation” company that has developed “disruptive” technology for the manufacturing of advanced thermoset and thermoplastic composite products.
Syracuse one-bedroom apartment rent prices rise 5 percent in February compared to prior month
The median rental price for most apartments in the Syracuse metro area rose 5 percent in February compared to January, but the price is down more than 15 percent from the year-ago month. That’s according to the March 2020 national rent report from Zumper, an apartment-rental listings website. The median rental price of one-bedroom apartments
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
The median rental price for most apartments in the Syracuse metro area rose 5 percent in February compared to January, but the price is down more than 15 percent from the year-ago month.
That’s according to the March 2020 national rent report from Zumper, an apartment-rental listings website.
The median rental price of one-bedroom apartments in the Syracuse region jumped 5 percent to $840 in February from $800 in January, but was down 15.2 percent from $990 in February 2019.
Rental rates for two-bedroom units in the area rose 1.1 percent to $960 in February from $950 in the prior month, but were down 8.6 percent from $1,050 in the year-ago month.
Syracuse now ranks tied for the 74th most expensive rental market in the nation, up from 81st in the February Zumper report.
The Zumper National Rent Report analyzes rental data from more than 1 million active listings across the U.S. The company aggregates the data on a monthly basis to calculate median asking rents for the top 100 metro areas by population.
Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.