Rental Property Investor · Hudson Valley, NY · Member since 2020 · 43 posts · 24 votes
Any current advice on the rental property market in the Hudson Valley and/or Catskills ?? I plan on moving forward with purchasing my first property and starting a portfolio locally -before the year is over..
Rental property prices are low in this area, leads me to believe there are problems with the rent collected vs expenses. If the property makes income, that's good. But don't expect property values to increase much over time.
Will you be able to manage the property yourself? or will you need someone there? Let me know if you have any specific questions, I own and manage multifamily properties from Manahttan to Dutchess County (east of the hudson).
Rental property prices are low in this area, leads me to believe there are problems with the rent collected vs expenses. If the property makes income, that's good. But don't expect property values to increase much over time.
Will you be able to manage the property yourself? or will you need someone there? Let me know if you have any specific questions, I own and manage multifamily properties from Manahttan to Dutchess County (east of the hudson).
@Peter Nikic Thank you for response, when the time comes- I will be looking for a property manager, I’ll reach back out to you then..Catskill, NY -currently on the verge of breaking through -similar path as Hudson,NY - keep your eye out ! 
Hugh, congrats on your first investment property! Which town is the property? Also, when you say rental property, are you referring to short term rentals or long term? Hudson Valley and Catskill Mountain areas span multiple counties, and rentals have a wide range of pricing, depending on what people are looking for.
Some people define the Catskills as the four rural counties west of the Hudson River in SE New York, Green, Ulster, Sullivan and Delaware. Others refer to the more well known tourist destinations such as Woodstock, Kingston, Phoenicia, Stone Ridge, Livingston Manor. Each town has its own benefits and drawbacks, so be sure to research them based on your rental approach. For example, Woodstock has policies that mandates that short-term rental owners rent to guests no more than 180 days per year and no more than 26 weekends per year.
I have short term rental properties in Southern and Western areas of Catskills. The data from Airbnb and local realtors show that there is a huge demand for rentals due to people from New York City looking for places to escape within a 2.5 hour drive from Manhattan. Our STR properties have been fully booked since March through 2021. Property values also has increased due to the lack of inventory. The median closed sales price in July 2020 was $329,000, as compared to $275,000 last July and $213,000 back in 2017, according to the Ulster County MLS.
@Hugh Horner I live in the village of Catskill. Been here almost 11 years and they’ve been saying Catskill is “up and coming” the whole time. I think you might be right that now (soon) is that time, though.
I grew up in and still work in Hudson and watched as it turned around as well. Areas that you wouldn’t want to walk through at night years ago have houses/buildings selling for well over $500k.
What kind of advice do you want? Home prices are way up in the last few months. It's pretty competitive at the moment. Lots of folks from the city are buying weekend places. We own in New Paltz, Poughkeepsie, and Amenia. All are good for certain things and not others. Everything we have cashflows well. Like everything else, you have to find the deal that makes financial sense. It will take time, but they are out there. What kind of market are you looking for?
The cash flow at the inventory/buildings I am looking at is low, however they are all under performing currently and with a gentrification going on and several big projects in town wrapping up - I see a lot of room for growth..Advice on buying a building that wouldn’t maximize for 15 to 24 months ?
@Hide Harashima It does help, I have been in the hospitality biz in Hudson & Catskill for a decade, NYC before that, converted careers and excited to invest in an area I know and cooked for ! Thank You
Absolutely insane what’s happened in Catskill & Hudson - quick question - Do you know if any investor meet ups in Columbia or Greene County? Everything seems to be in Westchester or Ulster
Absolutely insane what’s happened in Catskill & Hudson - quick question - Do you know if any investor meet ups in Columbia or Greene County? Everything seems to be in Westchester or Ulster
Unfortunately, I don't. I agree that most meetups tend to be more in the southern Hudson Valley. I'm always up to chat, though, if I can be of any assistance to you!
@Carl C. The cash flow from the properties I am looking @ are low..The buildings are all under performing on what they could potentially get for rent..I see a lot of room for growth and cash flow on these properties, especially with two major projects in the village getting ready to be completed -more jobs and more foot traffic to Main Street are on the way..Carbon copy of Hudson and early 2000’s... Advice, buying a building that wouldn’t maximize for 15 to 24 months ?? 
I have ran a poughkeepsie meet up for 21/2 years. We have investors that have come from li to Catskills. I think it’s crazy that they travel so far, nice but great.
I just helped someone to buy his first multifamily in Kingston. I'm licensed in NYC and Ulster The area is hot, I get great deals daily, and the price/rent ratio is good. I think the future is bright for the area, many young people are moving out of the city, and Kingston is the getaway to the beautiful Catskill area. let me know if you need any help.
I’m currently looking for an investment property in Hudson/Catskills area. My plan is to rent it on a short term rental basis and stay for few weeks in a year with family/friends.
I came across some articles stating that these towns plan to regulate the short term rental market. Does anyone have any idea if they would regulate? Timeframe?
I’m currently looking for an investment property in Hudson/Catskills area. My plan is to rent it on a short term rental basis and stay for few weeks in a year with family/friends.
I came across some articles stating that these towns plan to regulate the short term rental market. Does anyone have any idea if they would regulate? Timeframe?
That's Hudson's current law regarding BnB's. As far as I know, Catskill doesn't have any real regulations on them. I assume that's because there aren't as many as there are in surrounding areas, so it's not really an issue yet.
Thanks Chris for the response. So buying an investment property for short term rental doesn’t make sense.
Do you think a similar regulation is being proposed in Catskills and nearby towns?
Other towns have floated the idea of trying to regulate BnB's, but no major laws that I'm aware of have been passed. Hudson is a pretty "touristy" town, so BnB's became a big thing and the local gov't was concerned about the amount of long term housing available. I'm sure at some point if it becomes issues in other areas, they will have to address it that time as well.
Reopening this thread, I've taken the plunge on a single family home just outside of Pine Plains, technically is Gallatin Twnshp, Columbia County. Idea was to have a place to escape half the year with the family and STR the other half of the year. Anyone that has their ear to the ground see any short rental restrictions in the works for this area? Really tough to find anything through google searches. Any helps is appreciated.
jumping in this thread after 3 yrs. Any updates on STR regulations in the hudson valley. Researching airbnb markets there. Any advise would help thanks.
Hey Kefah - It's an ever-changing thing in the valley. Some towns that seem promising on that front would be Saugerties, Windham/Hunter, Tivoli - You really just need to search and do a lot of analysis on the market/availability of properties, as well as the regulatory climate.