Is it wise to invest in Albany?
We have received many calls and inquiries from people living in New York City about Albany’s real estate market and whether it is good for investment. Common questions include: How are the rental rates? Which areas are good? Where are most Bangladeshi people living? These are excellent questions, and they deserve to be answered. As experienced real estate professionals, we are very knowledgeable about Albany’s real estate market.
Albany is one of
the booming areas in New York State. Our Bangladeshi community has grown very fast since the pandemic. One of the reasons people prefer Albany is the lifestyle and living cost. Also, it is very close to NYC, and commuting is not hectic. Unlike Buffalo, the Bangladeshi community in Albany is scattered, and there is no particular area where people are congregating. It all comes down to affordability and school districts. Good school district areas tend to be pricier. If you choose to live, you need to find those areas. But if you plan to invest, we recommend buying properties near bus lines or major employment/college areas. A simple Google search can tell you what those areas are. Depending on the house condition and location, a 2-bedroom apartment can easily be rented for $1,500 nowadays. A single-family home can be rented for $2,000–$2,200. So, as you can see, it is not a bad option to invest. Also, we are projecting Albany’s real estate market will grow twice as fast compared to other areas in New York.
In regards to the Bangladeshi community, there are over 10,000 Bangladeshi people living in Albany now. The number is not verified but is estimated. Every year, many cultural organizations host various picnics and events, and the number of people present at those events is huge. So, you will never feel isolated.
For anyone interested in buying properties in Albany, we suggest doing some research in terms of areas, jobs, and other amenities. Make a couple of trips to Albany to get familiar with the area. Then decide whether Albany is a good option for you to live or invest in. As real estate professionals, we will be happy to assist you throughout the process.
Diju Rahman
Dimension Realty Solution
Licensed Real Estate Broker & Agent
Cell: 917-257-2973
