Albany: In the Spotlight
Albany, New York is located 152 miles north of New York City and is part of the Albany-Schenectady-Troy NY Metropolitan Statistical Area. The population of Albany is just over 95,000, making it the 6th most populous city in the State. It also covers about 22 land miles. Albany is the longest continuously chartered city in the United States and the core of the Capital District’s culture and economy.
- The unemployment rate is relatively low, around 5.5%.
- The median household income is $45,825.
- The median age in Albany is 30 years old
- Albany employs over 43,000 residents
Albany Apartment Loan and Multifamily Property Facts
Albany is part of the New York market, which has seen some growth after recovering from 2020. Although unemployment is still high and people are still uncertain, the multifamily market is starting to pick up steam. Vacancy rates and new deals are helping spur the market.
- Albany has a moderate vacancy rate of less than 7.8% across all rental properties
- There has been a marginal rent increase, to $1,043 per month
- The homeownership rate is roughly 37%, which leaves around 63% of residents looking for rental properties.
Although 2020 was a difficult time in Albany, just as it was everywhere, the city is on the rebound and the market is looking good. With new developments and promising sales on the record, now is a good time to consider an apartment loan in the city.
Albany Apartment Loan and Lending Options
In Albany, New York there are several different ways that you can finance your new apartment investment. We work with opportunities like:
- Conventional apartment loans
- Fannie Mae apartment financing
- Freddie Mac apartment financing
- FHA/HUD financing
- Mezzanine financing
- CMBS loans
- Bridge loans
- Apartment construction loans
- And more!
Finance Your Albany Apartment Building Now
At Apartment.loans, we can help with all kinds of loans for apartments and commercial real estate in the city of Albany, NY. We work with value-add opportunities, ground-up developments, stabilized properties, and more. We know what it takes to get financed and find the best rates and we can help you get what you need.
The market in Albany is growing by the day and we can help you find the financing that you need before the competition gets too fierce. Whether you are financing your first deal or just looking for your next one, we’ve got you covered.