Upstate NY Market Information

[Mike Kostner]

I am considering investing in upstate NY, and would like to learn a little about the market there.

I have rentals in Northern NJ, but the market is way too hot for to want to spend here. Upstate NY seems a little cooler.

I'm looking in Utica, Amsterdam, and Binghampton, and the surrounding areas. 

I know that industry has left, and there are bad areas, but would appreciate some specific information about those cities.

I'm particularly interested in the market for rentals, and any specific quirks I should know about (for example, if one of those cities isn't landlord friendly).

Thanks in advance for your help!

[Jennifer Hoover]

Hi Mike, I'm an agent in Utica and invest nearby in the Mohawk Valley. I've been really happy with investing here, and have been doing it for 12 years. Our area feels "up and coming" again for the first time in quite some time, but our price points are still super reasonable and rents arent so far behind bigger areas in upstate and central NY. One of the snags I do see for out of area investors is the lack of quality property management companies/teams here, and also that many agents CAN sell multifamily but arent necessarily well-versed in them and dont fully understand the numbers and issues that matter to investors.