I am considering buying a long term rental property in the Albany or Schenectady areas and I am wondering if any agents/brokers/investors have any thoughts or insights to share in regard to where the market is heading over the course of the next 5, 10 or 20 years? Seems New York State as a whole is losing population but I think the capital region has been generally stable (I think?). Prices and sales have been up dramatically in the last year, is it a bad idea to buy now or is there more upside to be seen? I am weighing all of this against possibly relocating to the Tampa Area, down the road some years (where the market is on fire right now). Would it be better to wait and invest in that bigger market? Any thoughts or insights that you could share would be greatly appreciated!
As you mentioned Capital Region (Albany/Schenectady/Troy) multifamily is extremely competitive at the moment. A majority of buildings I'm touring with clients these days contain tenant(s) in some state of delinquency, so become comfortable with inheriting a possible headache. If considering the area, especially the city of Albany, I'd encourage you to read up on the incoming Good Cause eviction legislation working its way through the state legislature.
With that said there are many pros to investing here as well. The Port of Albany recently announced plans to build a wind tower factory, possibly creating thousands of new high paying jobs. Global Foundries intentions to relocate their headquarters to their Malta (30 minutes north of Albany) location along with additional expansion.
Positive things ahead, certainly worth consideration.
@Steven Luttman thank you for your advice! I actually own a multi family in center square, Albany, but was unaware of the wind tower factory plans, that’s great news for Albany! I plan on keeping what I have but I’m apprehensive about paying top dollar in the current market. Do you think we’ll experience a big decrease in values in the next few years? I know it’s very hard to predict.
Short term I see no reason for prices/competition to subside. Inventory levels should rise however as lenders start to end forbearance periods, resulting in owners with non paying tenants needing to sell. 12 months ago I expected this to be occuring now. My revised timeframe is again 12 months from now. Just a guess.