Investing in Albany NY smart or not ??

[Kevin Urena]

I’m new to investing but would like to know if anyone has had experience in rental properties in Albany NY will it be the next big market ?

[Josh E.]

People always say Albany is a stable market, with the government, schools, universities, etc.... and that appreciation shouldn't be expected. While I think this is a solid point of view, I think there is some room on the upside, but the Capital Region needs to do a better job of branding itself beyond being the state's capital.

We're an hour from the Adirondacks, a couple hours from Boston, NYC, Montreal. Cost of living (and thus cost of hiring, doing business, etc.) here is low compared to cities like those. Regeneron has a major presence here and the nanotech scene has potential, although I haven't been seeing as much growth in this area as I'd like. I'd love to see Albany turn into a tech hub like Austin, Texas.

Could Albany become the Austin of the Northeast, a large tech hub? I think it could. Is it probable, or even likely? No. Our incompetent state government would need to make some major changes and take on some major initiatives.

But... I like to think it could happen. The government has got to do something about people fleeing Upstate. Albany hasn't seen the population decrease that other upstate cities have, but it's not attracting people, either. I see branding Albany as a "tech" city, beyond just a bureaucratic government jungle, as the most realistic solution to this.

Investing is a risk-reward game. Albany is indeed stable for the reasons I mentioned in the first paragraph... government, colleges, etc. But I also see the upside potential, albeit a small one. Not a bad tradeoff in my opinion, minimal risk (relatively) for a potential large reward.

Would love to hear what you guys think about this!