This is the third week were continuing to offer our opinon on some popular & profitable rental markets in the Hudson Valley, New York and this week were looking at Albany County.
In the last blogs, we covered Dutchess County & Ulster County
Integrity Property Management has a growing number of investors trusting us with their real estate in this area. For this post were gonna talk about only 2 major cities in Albany County (a.k.a Capital region) The two cities below have by far the largest populous in the area and contain the majority of our Upper-Hudson Valley management experience.
Albany, NY is also the location of the state capital. Albany is a large city containing square miles of tall buildings, apartment high rises, large businesses and much more. Albany being so large it's difficult to summarize in one paragraph. The housing districts can range from low-income housing projects to luxury suites. Albany can be wonderful place to invest because here you can find larger multi-families often harder to find elsewhere. Purchasing property here also has to be researched closely. The city has crime rates that can vary almost road by road. Most the real estate here is older and many in need of renovation. This also gives opportunities to purchase at a reasonable price and build your portfolio.
Schenectady, NY
Integrity currently manages more apartments in Schenectady than Albany. From our experience here, theres more 5+ unit housing then single or two families. We've also found Schenectady to be a similar scenario as Albany mentioned above. It's a very old area with a with many of the available properties needing heavy to full renovations. Were finding good success keeping the vacancies rates low but the quality of applicants care vary neighborhood.
Overall, Integrity Property Management has proven success in the cities of Albany & Schenectady and feel confident theres much more opportunity there to grow.
We also feel this Capital Area is probably geared for the more seasoned investors. Integrity has developed a solid pool of resources to provide the necessary services required for apartment & commercial rental property management.