Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Multi-Family and Apartment Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 2 years ago on . Most recent reply

User Stats

35
Posts
9
Votes
Andrew Curro
  • New to Real Estate
  • Albany, NY
9
Votes |
35
Posts

Local insight into Short Term Rentals in Albany, NY

Andrew Curro
  • New to Real Estate
  • Albany, NY
Posted

Next year I'm looking to purchase an owner occupied multifamily rental in Albany, NY. For a long time I have been set on having long term tenants, but lately I've been considering setting the property up to be a short-term or medium term rental. Does anyone have insight on what may be the most profitable type of rental in Albany? What would you look for in a property to make it a great short/medium term rental in Albany? What type of renters would be the best target population (healthcare workers for example)? I'm looking to make the most out of the property and I want to make this more of a active business than passive income. Where do you see a market need?

Most Popular Reply

User Stats

15
Posts
11
Votes
Stefanie Gouvis
  • Real Estate Agent
11
Votes |
15
Posts
Stefanie Gouvis
  • Real Estate Agent
Replied

Hi Andrew!

For a truly short-term airbnb, I'd recommend looking close to areas people come to visit during much of the year, for example downtown Saratoga or the Saratoga Race Course. Folks are often looking for entire "track season" rentals (the season runs from mid-July to labor day). Oftentimes if you are willing to rent out an entire house or unit for that whole season, you can make well over what your entire yearly mortgage is within those few months. Folks still come here in the fall for leaf-peeping, as well as wintertime to enjoy the charm of downtown during the holidays, as well as visiting nearby mountains for skiing. Lake properties (Lake George, Saratoga Lake, Sacandaga Lake, etc) would also be a good spot for STR/Airbnb but mostly for summertime renting unless it is close enough to ski mountains or snowmobiling trails, then you might have more usage than just summer.

For a more medium term rental, I would recommend being closer to the hospitals. Albany Med, St. Peters, and Albany Memorial hospitals are all within about 3 miles of each other, so anywhere within range of those would be a great spot for traveling healthcare workers.

Airbnb has become more and more popular in the Capital Region, so there might be a lot more competition. If demand for those ever slows down too much, you'd have no problem switching to a long term rental because the demand is strong in this area. With an estimated rate of about 57% homeownership in Albany county according to the Census bureau, there are a lot of renters. Long term rentals are always in demand here, currently there are 69 residential leases actively listed on the MLS in Albany county, but 78 rentals have closed since January 1 2023, so you can see the demand is there.

I hope this was helpful, if you want to discuss anything further please feel free to reach out!

Loading replies...