All Forum Posts by: Marika Aubrey

 Hi Marika! I am an agent in the Capital region, so I cover Albany/Schenectady/Troy/Saratoga and surrounding areas. Appreciation is VERY strong here. Property values are strong. So it isn't going to be cheap to get into something in this area, because there are a lot of buyers and investors to compete with. Even the gut job properties are listed and go pending very quickly because there is a lot of money to be made in the region.

Albany - 

There is an area in Albany that is convenient to both numerous hospitals and colleges. It is a very strong area for rentals. You can do both basic housing aimed at students (they usually aren't hard to impress, just want a safe place to sleep - they don't need fancy and usually won't maintain fancy) and higher-end housing geared towards all of the professionals who work at the area hospitals, and everyone who works in Albany area in general. It all works in this area. Because things are so strong here though, it will be hard to get into anything at a low price unless you are willing to do some renovations. Property taxes are high relative to the assessment values also. 

Schenectady

There are colleges, hospitals, and other workplaces in the area as well. Downtown is making a huge comeback, attracting lots of new businesses and generally going through a revitalization. I would say it has less interest in it than Albany area though still strong. Similar to Albany in that taxes are pretty high relative to assessed values and market values. 

Comparing the two, I'd say Albany is always going to be the more popular area. Looking at the MLS, 379 MF listings sold in the city of Albany during the last 12 months, compared to city of Schenectady at 241. County-wide, 549 sold in Albany and 268 in Albany. As far as rents, I know the MLS is not the usual or only place for rentals, but again comparing MLS closed rentals for the last 12 months from today, the average monthly rent for Schenectady county was $1,673. Albany was $1,790, for a smaller average space.

If you'd like to discuss investing in the Capital Region further, feel free to message me any time!