Should we be avoiding STR up north of NYC?
Hi y'all,
I finally got my wife to be on board with investing into real estate, and we are looking to jump into short term rentals. As NYC makes STR illegal, are people avoiding upstate New York as well?
Most Popular Reply
@Alex Lee
No one is buying in Upstate NY so I can buy all the STRs. So stay away so I don’t have competition. Thanks!
JUST KIDDING!
Upstate NY is the most overlooked market in the US and you should take a look at the affordable prices and medium to high ROI. The Adirondacks, Catskills, and Fingerlakes are tourist regions. Cities are touristy too but more of your families and traveling workers.
Taxes are higher than most states and regulations are terrible if you LTR. However, STR regulation are less strict and running your house this way would give you more control of your property. They're the loophole to Upstate NY rental laws.
Also, zoning. If you're looking to do multiple STRs in a single building and it's not classified as a "multi family property" you're allowed. Otherwise having a STR in a multi family building (3+ units) is illegal. This includes a mix of STRs and LTRs.
Overall, I’d suggest looking in Upstate NY.