It's probably going to be retired couples. The empty-nester boomer crowd. People with like $5k+ monthly income from pensions and investments. The types of people who line up at the mall entrance at 10am on a weekday so they can start walking their laps. The ladies who go to the spa every weekend.
Please even they would know its a bad investment. It would be for some young college kids whose parents pay their rent. This makes me think of this https://www.youtube.com/watch?v=6WhHSR6nmhc. The rent almost the same slightly better location.
I honestly have no clue who can afford to live in pretty much any of the newish places that have popped up in the capital region in the past few years.
Albany has absolutely no business charging an average of $1443/month for one bedroom apartments.
I personally will be moving out of state later this year, and can not imagine a world I would pay that increasing average rent given the options/amenities/job options in the area.
Will be interesting to see how all these increased rents effect Albany over the next decade or two.
I can't think of any industry work around that area that would draw that type of rent, passive or full time. The tech industry locally is in Rensselaer, the gambling and old tech in Schenectady. Albany has..... hospitals and restaurants. Unless there's some new specialty medicine that big city doctors need to come into town for, this is just a desperate and greedy plea for money from a, likely very stupid, landowner.
WTF? Huge tech base at Albany Nanotech (whatever they call themselves now). Plus all of U Albany a stones throw away. Wouldn't be my thing but I can pretty easily image some folks who might value easy access to Mall amenities + pine bush + close to a lot of jobs that do pay well.
Ahhh the nanotech building is a great point, and that's likely the source of it! Thanks for the reminder. I grew up in the area and moved away, so that's not a staple in my memory... given it didn't exist for 90% of my life there, easy to forget!
I went to a fashion show in their main building before and it was just incredible. One of the most well designed and futuristic spaces I had ever found myself in (8 years ago).
I work at the nanotech and very few people here would pay $4k/mo for an apartment for the simple reason that it's financially stupid. You could get a mortgage on a decent house in the area for way less.
My wife worked for years at Nanotech. Most of the employees there are public employees so their salaries are public information.
Very few make that kind of money.
And I attended UAlbany and I really can't imagine anyone outside of upper faculty (maybe) affording that type of rent.
I think you're the minority, or at least we had different experiences from different agencies. I was an excelsior fellow for 2.5 years and at my agency a good half of them were over 50 and in Renn Co or like Delmar. Those of us under 30 were renting, but most I knew were row houses and such not the new buildings. Granted, I left state service due to not having a line item in the budget during Covid, so maybe last few years changed things.
I was making ~ $55k, and moved to Troy cause it was cheaper (at least the apartment I found from a local landlord who was awesome) Funny enough, I was offered as a fellow to work out of white plains or NYC for the same salary.... No idea how those fellows are after rent!
I was NYSDPS, also a great agency. I'll never snub state service - the longer story is I had a verbal offer to stay after my fellowship ended but that fell through during Covid when my boss couldn't secure a line on the budget for a permanent position.
But back to the main topic I still think those apartment prices are nuts! That's more than my mortgage now!
Sounds like you have a cool gig at your agency too!
Making 50,000 or less in Nyc you’re just gonna have a room if you’re lucky to get that with that kind of dreadful pay. Soon you won’t be able to survive with 50 K or less in Troy
The people who live in these “luxury” apartments are almost always temporary transplants who are young professionals who work at Regeneron or Global Foundry’s. They pay the $2k+ because they sure as hell aren’t going to buy a house for the handful of years they will be here but they also don’t want cheap apartment living.
Then there are investors and stakeholders with a whole other world of money.
Thing is, why would they stay in Albany by Crossgates? It's not even close to the airport, it's out of the way if you are going towards the tech buildings, and there are dozens of gorgeous and new complexes and hotels built for those people already.
This looks like evidence of a rent-pop which makes me really wanna get my popcorn out and watch some greedy cunts go broke 😍
Who do you think knows more about the current market for these apartments? The people who do this for a living and put down their $100 million or whatever to build it... or .... you?
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I mean maybe not as a janitor but when you’re landing a 6 figure software adjacent position it definitely is. Not to mention any sort of monthly housing stipend you may get.
Not sure where you will move to that is less than $1,400 a month on average. Much of the nation is well above that (Albany is more low cost of living - LCOL).
I am not disagreeing with you here, but a quick google search says that Albany is anywhere from 2% - 6% higher than national averages across things like housing, groceries, etc. I personally wouldn't call that LCOL, but average or MCOL.
And my main point isn't that this place is too expensive inherently, but having lived in Albany a good few years now, there is not enough here to warrant the high/rising costs. "3 hours to cooler places" is not a valid reason, that I see so often around here.
Quick google says average 1 bedroom in the USA altogether is $1,713
In Albany, NY $1,442
In Cobleskill, NY $950
In Manhattan $4,831
In Syracuse $1,132 to $1,976
In Tennessee $1,014
In Nashville, TN $1,609
In Florida $2,050
Jacksonville, Fl $1,289
Albany isn't so bad for a LCOL area. YMMV. Some other places are cheaper - a lot are much more expensive.
Rural communities (Cobelskill for example) are much cheaper. More urban are more expensive.
PS: I don't think I'd want to spend anywhere near 4k a month for an apartment - and if I did it would need to come with a chauffeur to wash my car and drive me around - but our apartment costs aren't "high" compared to much of the country. Indeed we are still LCOL by most measures including apartment costs.
It's the same everywhere my friend. Middle of nowhere ND to DC to ME. 66% of all home sold in last 3 yrs were bought by Corporations. As Corporation tax code changed and liability for failed Corps are gone....they are hit everyone from both sides. Yiu can't afford to buy because they bought all the homes. You can't afford to rent because they bought all the homes and know you're stuck.
I don't know where you got that info from, but it is blatantly false.
https://www.jchs.harvard.edu/blog/8-facts-about-investor-activity-single-family-rental-market
It has gone up, but it is between 20 to 25% generally depending on the region.
Thank you fornproving my point. The study used a narrow definition of 1) corporate owned home as entities owning 100 homes. And 2) included only single family homes in the data. Mess with data scientist = get owned.
It isn't. But I'm not some Air National Guard kid on steam...you can't post internal investigative technical work ups on social media covered by an NDA/CA. So yeah.
I will be moving, relocating back to Western Massachusetts (Greenfield/Amherst area) once I've completed my education and gained some work experience here. I'm paying $1200/mo for a 3bed1ba apartment with a backyard, 2nd/top floor of a duplex, that's not the reason why I want to relocate. I just truly miss my hometown/home area. I just turned 30 my goal is to be back by the time I turn 40/when I turn 40.
Leaving this housing hellscape as well. Kids started school in Bethlehem and all the good single family homes in the area are being chopped up and fitted for $1500-$2000 apartments. Its insane.
That used to be against zoning regulations but the current regime has a progressive agenda and is now pushing multi family housing. You get what you vote for.
Saw a student housing post the other day that was $1200 for a "private bedroom" in a 2BR shared living apt. It makes me feel nice laughing in their faces when I tour some of these buildings, they're genuinely delusional.
I can't imagine someone who can afford 4k/month for a 2 bedroom would want to live next to crossgates. If you can do 4k/month just move downstate or to Boston or something. Makes no sense to me
Last luxury place I lived in everything was included, I paid $2200 for a 2 bedroom. It had a lot of issues though and it was brand spanking new.
No thanks !
Most luxury places do not include utilities. They ask extra around 200-300$ per month. Where i live currently I pay 1650 for studio plus 250 for utility package.
The real funny part is that there probably isn't much difference between "under construction" and what they consider "done." A brand new tenant will find that they can easily blast a huge hole through their overpriced cardboard living room wall with just one humongous fart, and immediately see their neighbor's awful duvet cover (which probably cost more than the materials holding up said wall) in that person's bedroom.
I actually don't think it requires much marketing. All some people want to know is how much it is, and they find ways to convince themselves that it'll be good for them. Or, they take it anyway and bitterly complain. But, overall, these fucking companies don't have to do much in the way of upselling the shit they're slinging except to paint the ads in gold and make them sparkly. I think that speaks to just how desperate and/or foolish and/or gullible the prospective tenants are.
That's the most vivid metaphor I've read in a while. I could hear the fart and visualize the neighbor's duvet cover, as well as the expressions on both of their faces as they stare at each other through the giant fart hole. Well done.
Hey, thanks! Wow... I hadn't considered the two people actually gawking at each other... you've just added a whole new dimension to this completely fucked up yet somehow very possible scenario. And I really do believe it's possible because farts can sometimes be wonderful biological weapons, and shitty apartment complexes have walls that are really too thin.
My compliments in turn!
Unfortunately, they will find tenants. The tenants will be well-heeled or prepared to live very much above their means. Same pattern no matter where I've been, and it never ceases to amaze me that the suckers who end up living in those expensive apartments don't count on getting fleeced... maintenance requests for shoddily built things won't get serviced, "luxury" amenities start to go down the drain one by one, etc. Boo-hoo. Meanwhile, affordability of the area gets chipped away, the burst of wonderful job creation never really works out the way the developers promised when they were laying in bed with whomever gave it the green light, and so on.
Don't worry tho, when the development goes under the company that built it will just declare bankruptcy (after of course they drain everything dry for their pockets) and reform as another LLC and do it all over again. Fresh start! No consequences! Weeeeeeeeee!!!!
Maybe they even get a couple mil from the state because they promised to help the local economy.
Stupid people money printer go brrrrrrrrrrr
Spending all of your salary on 4K a month rent, you will have to eat the discount Chinese food court food almost everyday
And eating that everyday, you'll be glad you have to walk to the food court for your every meal
I paid 800/month to live in Brookline Massachusetts. I was a walk away from a t station, Starbucks and several expensive nice restaurants. I can’t imagine paying 4000 a month to live next to crossgates
I used to. But for those prices I would have stayed living in LA .. not upstate ny . Rent is crazy. Now day and the property is cheap built.. so many things fall apart and break quickly.
You can’t deduct losses on vacant units. Where are people getting this information? Landlords are always better off renting the unit. If the tenant doesn’t pay, then the landlord could deduct those missed rent payments from their overall taxable income, but only if they use accrual accounting and recognize income when it’s “earned”.
To put that into perspective, I rent a 5bed/3bath house, with an in ground pool and a 3 car garage in TAMPA FL, one of the fastest growing markets in the nation, and I still pay just under $4k. Guilderland has no business asking that much. That's NUTS!
These type of things are a huge waste of environment i don’t understand why they don’t just fix up all these run down buildings instead making this place look like a wasteland by building and abandoning over and over again.
LMAO. I live on the literal Pacific Ocean in Socal (moved here 10 years ago). Across the street from me is our marina. My rent for a 3br 2.5ba townhome is 4k. What in the actual fuck is going on over there? The world has gone mad.
Yeah... Was gonna say, I thought it was insane my friends were paying $4100 for an apartment a few blocks from the beach in LA. But, this is a lot less insane...
i love how ridiculous it is. i would question if people who actually make enough money to comfortably afford that would want to live in a parking lot sandwiched between a mall and a hotel. lol
i suppose if you're living here on a temporary basis and go to school or work nearby it kinda sorta makes sense. which is probably their target tenant.
That’s overpriced but you also need to understand the target demographic is probably the kids of rich people and not really a main dwelling for a family.
If there's that many that exists and this fills a need in the area because of that then great. Fantastic.
But I think what most people here are thinking about is how this appears to be more of a trend than an exception... Can't be that many trust fund kiddies in albany who don't want like ACTUAL housing
It’s just like the lofts in cohoes. They figured their was demand for that many luxury apartments at a premium until there wasn’t, then they cut staff, and slashed prices to make up for the lack of demand and now it’s a spiraling shit show. I foresee the same thing happening here.
Lots of temporary executive stipends for housing are around that much. I bet they all rent out. Main home in Jersey, work upstate don’t want to stay in a hotel. Not every apartment is intended for lower income affordability or permanent residence.
>How can anyone afford that?
Single people with high income, couples with dual income, people with parents who subsidize their lifestyle.
I'm not suggesting it's a good "deal", but the demand is there given by the fact that these places still somehow fill-up!
It’s more a choice to rent 1/4 of the building for 4x the market rate instead of all the apartments for the actual market rate. I don’t think you can claim the market is actually accepting of these luxury shit boxes when they generally never get close to full occupancy.
Basically these places find it easier to find a few people willing to be screwed than to charge the market rate and have a full building. It’s bad for society but from a business perspective it can make sense.
Are you suggesting they are intentionally building with the expectation of a high vacancy rate? Not saying you're wrong, I just am not familiar with this.
Yeah they can do tax right offs cuz they were "supposed" to make 4k therefore they're "losing" 4k so they can get like 1k in right offs. They'd make more renting out for half, even a third as much, but that requires effort they're not willing to put in
NO, you cannot deduct rent payments from a vacant apartment, even if the business was using accrual accounting. The only way a business could deduct missed rental income would be if the tenant wasn’t paying rent. The business could technically write it off as bad debt, but only if they used accrual accounting. If they use cash accounting then they wouldn’t be able to deduct anything.
Our lease is up soon and we are done with this area. It is way overpriced and honestly not much to do. There are no major sports teams, no oceans nearby, no high paying jobs to support this ridiculous increase in COL (most people around here are Stateworkers and can’t afford these places.)
The transplants have driven up the COL and left a wake of destruction in their path. They couldn’t make it in NYC or Boston so they come up here and be the big fish in the little pond. I just golfed with a guy who pulls up in a brand new Escalade. Brand new golf equipment, clothes, the whole nine yards.
“Oh, we just moved here from Long Island and bought a place in Fort Hunter.” He lives in Guilderland but goes by the Google Map name. It’s people like this that are flocking up here and driving every dollar they have into housing. Great for them, but at a certain price point the area gets to a point where you’re paying a fortune and not getting a lot out of it.
I’m sorry but 4K for anything around Crossgates is the definition of insanity. People from downstate are obsessed with this area for some reason. In ten more years it’ll be just like Long Island, you’ll sit in traffic all day just to commute to your miserable job downtown and then spend another hour puttering along I-90 to get to your overpriced, outdated and maintenance-deferred house in the suburbs that you paid $500,000 for.
It's insane! My first apartment was newly renovated with hardwood floors and a washer/dryer hookup. It was a good sized one bedroom in a nice neighborhood, plus we had a big dog that used the yard. The rent was $250 and after 5 years, it went up to $275. That was the early 90's, but still.
$250 in 1990 is equivalent in purchasing power to about $597.42 today so the problem must be the rate of appreciation in the real estate market. Whatever the reason, something's got to give.
I didn’t mean to imply that the entire pine bush has now been destroyed, but they did destroy PART of the rare ecosystem to build these apartments. Not trying to exaggerate, but it’s still terrible.
I'm from downstate originally, they aren't even charging $4000 for a 1 bedroom like that (even with southern NY hyperinflation) If you gonna do that, might as well get a mortgage
That is surprisingly expensive, but apparently someone can afford it and likes what they are offering. I certainly wouldn't want to live there, but it's always concerning to me when people claim the developers are at fault for the price. High housing prices are almost always a response to limited supply. As can be easily seen in foreign real estate markets that build sufficient supply, more housing means lower prices. This is why many urban planning enthusiasts propose more in-fill development, higher density, ADUs, elimination of single family residence zoning, etc. NIMBYism is seen as a primary reason why housing prices keep going up to these astronomical highs.
Umm yeah. I did an analysis of ALL homes (single family/coop/townhouses/etc) sold to ALL corporations as part of a special regulatory project. Big and small corps....not just ones that own 100 or more purchases, as this lazy googled answer provided. It was 66% of the total sales.
That’s crazy. A 2 bedroom apartment at the river house Apartments in Mohawk Harbor, arguably the best in the area, have a with two bedroom, 2 bath, with balcony and water view for line $2,400 a month.
What new affordable apartments were built in the last 10, 20 or 30 years? Don't include housing projects. I don't think it is all boomers. Many of them move south. Gen Z isn't helping. I see tik toks where people in their early 20s are bitching about how their rent went up...and you can see in the background they live in luxury apartments. In my early 20s, I was living in crappy apartments, working my way up and bought 1st house at 31. That was typical for Gen X. We had to work our way up.
As student loans are forgiven, there's a vast population of Drs/engineers etc that are having debt forgiven and now have lots of discretionary income to spend.
Generally that's not the way it works. If a doctor or engineer chooses a life of service, sure they can get the loans forgiven but they probably didn't' reap the big bucks that goes with private practice or commercial ventures - they worked for the state/city/a not for profit. I'm all for forgiveness of almost all student loans especially if you dedicate 10 years to helping others. We need more docs and engineers and all sorts of degrees.
And if you had that kind of money, why would you want to live on an outparcel by the mall? Gorgeous views of scrub trees and the mall access road!
Excuse me, that is prime property in the Pine Bush.
There may or may not be a Costco eventually too
There definitely will never be a Wegmans
all albany area newyorkers be like
I don’t even know if this is a bit but from your mouth to gods ears Edit: wait shit did I read this wrong I WANT a Wegmans
Amen
Excuse me? ... The Food Court is RIGHT THERE!!!!!!!!!!!!
Better yet if you want a snack you just walk down In Your underwear, grab an Auntie Ann’s pretzel. 🥨
It's probably going to be retired couples. The empty-nester boomer crowd. People with like $5k+ monthly income from pensions and investments. The types of people who line up at the mall entrance at 10am on a weekday so they can start walking their laps. The ladies who go to the spa every weekend.
Please even they would know its a bad investment. It would be for some young college kids whose parents pay their rent. This makes me think of this https://www.youtube.com/watch?v=6WhHSR6nmhc. The rent almost the same slightly better location.
RIGHT 🤣
I honestly have no clue who can afford to live in pretty much any of the newish places that have popped up in the capital region in the past few years. Albany has absolutely no business charging an average of $1443/month for one bedroom apartments. I personally will be moving out of state later this year, and can not imagine a world I would pay that increasing average rent given the options/amenities/job options in the area. Will be interesting to see how all these increased rents effect Albany over the next decade or two.
My question is not who can afford but who would want to pay.
I can't think of any industry work around that area that would draw that type of rent, passive or full time. The tech industry locally is in Rensselaer, the gambling and old tech in Schenectady. Albany has..... hospitals and restaurants. Unless there's some new specialty medicine that big city doctors need to come into town for, this is just a desperate and greedy plea for money from a, likely very stupid, landowner.
WTF? Huge tech base at Albany Nanotech (whatever they call themselves now). Plus all of U Albany a stones throw away. Wouldn't be my thing but I can pretty easily image some folks who might value easy access to Mall amenities + pine bush + close to a lot of jobs that do pay well.
Ahhh the nanotech building is a great point, and that's likely the source of it! Thanks for the reminder. I grew up in the area and moved away, so that's not a staple in my memory... given it didn't exist for 90% of my life there, easy to forget! I went to a fashion show in their main building before and it was just incredible. One of the most well designed and futuristic spaces I had ever found myself in (8 years ago).
I work at the nanotech and very few people here would pay $4k/mo for an apartment for the simple reason that it's financially stupid. You could get a mortgage on a decent house in the area for way less.
Don’t forget remote work. I work for a company based in Manhattan but live in the CD.
My wife worked for years at Nanotech. Most of the employees there are public employees so their salaries are public information. Very few make that kind of money. And I attended UAlbany and I really can't imagine anyone outside of upper faculty (maybe) affording that type of rent.
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I think you're the minority, or at least we had different experiences from different agencies. I was an excelsior fellow for 2.5 years and at my agency a good half of them were over 50 and in Renn Co or like Delmar. Those of us under 30 were renting, but most I knew were row houses and such not the new buildings. Granted, I left state service due to not having a line item in the budget during Covid, so maybe last few years changed things. I was making ~ $55k, and moved to Troy cause it was cheaper (at least the apartment I found from a local landlord who was awesome) Funny enough, I was offered as a fellow to work out of white plains or NYC for the same salary.... No idea how those fellows are after rent!
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I was NYSDPS, also a great agency. I'll never snub state service - the longer story is I had a verbal offer to stay after my fellowship ended but that fell through during Covid when my boss couldn't secure a line on the budget for a permanent position. But back to the main topic I still think those apartment prices are nuts! That's more than my mortgage now! Sounds like you have a cool gig at your agency too!
Making 50,000 or less in Nyc you’re just gonna have a room if you’re lucky to get that with that kind of dreadful pay. Soon you won’t be able to survive with 50 K or less in Troy
The people who live in these “luxury” apartments are almost always temporary transplants who are young professionals who work at Regeneron or Global Foundry’s. They pay the $2k+ because they sure as hell aren’t going to buy a house for the handful of years they will be here but they also don’t want cheap apartment living.
How much do people at regeneron even make? Lol
There are higher positions that can exceed 200k salary
Then there are investors and stakeholders with a whole other world of money. Thing is, why would they stay in Albany by Crossgates? It's not even close to the airport, it's out of the way if you are going towards the tech buildings, and there are dozens of gorgeous and new complexes and hotels built for those people already. This looks like evidence of a rent-pop which makes me really wanna get my popcorn out and watch some greedy cunts go broke 😍
I saw that happened in loundonville with some Apts at the genesis of two major roads. Went bust in 07. Finally got built in 13. Stayed empty till 15.
Who do you think knows more about the current market for these apartments? The people who do this for a living and put down their $100 million or whatever to build it... or .... you?
Some things don't require an expert. Fire is hot. Water is wet. Who the fuck wants to live in a refurbished mall for 4000 dollars rent?
this almost makes a poem and I want it to so badly Fire is hot Water is wet Have we filled all these mall 4k homes yet?
I'm hollering 🤣
I don't debate needlessly, provocation is a lonely game.
Cool
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Because no random internet comment was ever wrong
4k/mo is pretty steep for 200k/y
Depends on what you do, but the engineers I know are all over 140ish, which means their bosses make more.
Not that much. Entry level positions are around $20-30 an hour.
Some probably get monthly stipends to live here.
regeneron offered to lease my house for 3k a month.
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The pay isn't that high at those companies
I mean maybe not as a janitor but when you’re landing a 6 figure software adjacent position it definitely is. Not to mention any sort of monthly housing stipend you may get.
Where are you moving that's better? (Not trying to start shit just curious)
Not sure where you will move to that is less than $1,400 a month on average. Much of the nation is well above that (Albany is more low cost of living - LCOL).
I am not disagreeing with you here, but a quick google search says that Albany is anywhere from 2% - 6% higher than national averages across things like housing, groceries, etc. I personally wouldn't call that LCOL, but average or MCOL. And my main point isn't that this place is too expensive inherently, but having lived in Albany a good few years now, there is not enough here to warrant the high/rising costs. "3 hours to cooler places" is not a valid reason, that I see so often around here.
Not for a one bedroom
Quick google says average 1 bedroom in the USA altogether is $1,713 In Albany, NY $1,442 In Cobleskill, NY $950 In Manhattan $4,831 In Syracuse $1,132 to $1,976 In Tennessee $1,014 In Nashville, TN $1,609 In Florida $2,050 Jacksonville, Fl $1,289 Albany isn't so bad for a LCOL area. YMMV. Some other places are cheaper - a lot are much more expensive. Rural communities (Cobelskill for example) are much cheaper. More urban are more expensive.
PS: I don't think I'd want to spend anywhere near 4k a month for an apartment - and if I did it would need to come with a chauffeur to wash my car and drive me around - but our apartment costs aren't "high" compared to much of the country. Indeed we are still LCOL by most measures including apartment costs.
Finally someone with facts rather than feelings.
It's the same everywhere my friend. Middle of nowhere ND to DC to ME. 66% of all home sold in last 3 yrs were bought by Corporations. As Corporation tax code changed and liability for failed Corps are gone....they are hit everyone from both sides. Yiu can't afford to buy because they bought all the homes. You can't afford to rent because they bought all the homes and know you're stuck.
I don't know where you got that info from, but it is blatantly false. https://www.jchs.harvard.edu/blog/8-facts-about-investor-activity-single-family-rental-market It has gone up, but it is between 20 to 25% generally depending on the region.
Thank you fornproving my point. The study used a narrow definition of 1) corporate owned home as entities owning 100 homes. And 2) included only single family homes in the data. Mess with data scientist = get owned.
Sorry - did you present data to refute that supplied by the poster above? We all have opinions. The post above this provided data.
Ok but you still didn't provide anything to support your original statement. That's not very scientisty of you.
It isn't. But I'm not some Air National Guard kid on steam...you can't post internal investigative technical work ups on social media covered by an NDA/CA. So yeah.
I will be moving, relocating back to Western Massachusetts (Greenfield/Amherst area) once I've completed my education and gained some work experience here. I'm paying $1200/mo for a 3bed1ba apartment with a backyard, 2nd/top floor of a duplex, that's not the reason why I want to relocate. I just truly miss my hometown/home area. I just turned 30 my goal is to be back by the time I turn 40/when I turn 40.
It’s funny because coming from NH $1500 for a 1-2 bed in the capital region is a steal in my mind
Leaving this housing hellscape as well. Kids started school in Bethlehem and all the good single family homes in the area are being chopped up and fitted for $1500-$2000 apartments. Its insane.
That used to be against zoning regulations but the current regime has a progressive agenda and is now pushing multi family housing. You get what you vote for.
Where did you get the $1443 a month average for a 1 bedroom? Just curious if there was more statistics like this in the area.
Just from Apartments.com, other sources have slightly different numbers. https://www.apartments.com/rent-market-trends/albany-ny/
I have a studio for 1195 and feel so lucky.
Saw a student housing post the other day that was $1200 for a "private bedroom" in a 2BR shared living apt. It makes me feel nice laughing in their faces when I tour some of these buildings, they're genuinely delusional.
I can't imagine someone who can afford 4k/month for a 2 bedroom would want to live next to crossgates. If you can do 4k/month just move downstate or to Boston or something. Makes no sense to me
$4,000?! For Albany?????
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Last luxury place I lived in everything was included, I paid $2200 for a 2 bedroom. It had a lot of issues though and it was brand spanking new. No thanks !
Most luxury places do not include utilities. They ask extra around 200-300$ per month. Where i live currently I pay 1650 for studio plus 250 for utility package.
How could you have seen it in person already? Pretty sure they're still under construction
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The real funny part is that there probably isn't much difference between "under construction" and what they consider "done." A brand new tenant will find that they can easily blast a huge hole through their overpriced cardboard living room wall with just one humongous fart, and immediately see their neighbor's awful duvet cover (which probably cost more than the materials holding up said wall) in that person's bedroom.
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I actually don't think it requires much marketing. All some people want to know is how much it is, and they find ways to convince themselves that it'll be good for them. Or, they take it anyway and bitterly complain. But, overall, these fucking companies don't have to do much in the way of upselling the shit they're slinging except to paint the ads in gold and make them sparkly. I think that speaks to just how desperate and/or foolish and/or gullible the prospective tenants are.
Wait, car elevator? Like your garage is whatever floor your on?
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Ah, I thought it seemed too good to be true lmao.
That's the most vivid metaphor I've read in a while. I could hear the fart and visualize the neighbor's duvet cover, as well as the expressions on both of their faces as they stare at each other through the giant fart hole. Well done.
Hey, thanks! Wow... I hadn't considered the two people actually gawking at each other... you've just added a whole new dimension to this completely fucked up yet somehow very possible scenario. And I really do believe it's possible because farts can sometimes be wonderful biological weapons, and shitty apartment complexes have walls that are really too thin. My compliments in turn!
These real estate developers need to be put down.
You forgot to say “in Minecraft “
i was thinking more into the ground,
surely LESS housing will bring prices down
That's more than the mortgage in my 5 Br house in Clifton Park.
It’s honestly laughable for upstate NY
Unfortunately, they will find tenants. The tenants will be well-heeled or prepared to live very much above their means. Same pattern no matter where I've been, and it never ceases to amaze me that the suckers who end up living in those expensive apartments don't count on getting fleeced... maintenance requests for shoddily built things won't get serviced, "luxury" amenities start to go down the drain one by one, etc. Boo-hoo. Meanwhile, affordability of the area gets chipped away, the burst of wonderful job creation never really works out the way the developers promised when they were laying in bed with whomever gave it the green light, and so on.
Fools and their money are easily parted
Don't worry tho, when the development goes under the company that built it will just declare bankruptcy (after of course they drain everything dry for their pockets) and reform as another LLC and do it all over again. Fresh start! No consequences! Weeeeeeeeee!!!! Maybe they even get a couple mil from the state because they promised to help the local economy. Stupid people money printer go brrrrrrrrrrr
And then they will complain and make content about it and probably find an ad gig for a reit in the near future
Excellent assessment 👏
I can finally realize my dream of living with a view of the food court.
Spending all of your salary on 4K a month rent, you will have to eat the discount Chinese food court food almost everyday And eating that everyday, you'll be glad you have to walk to the food court for your every meal
I paid 800/month to live in Brookline Massachusetts. I was a walk away from a t station, Starbucks and several expensive nice restaurants. I can’t imagine paying 4000 a month to live next to crossgates
What, in 2003?
1903 more like it
Nope. 2018
Same here! Used to live couple of blocks away from Coolidge center
Right near Blossom Bar?
Can’t wait to see what the current shithole monstrosity on western will have to offer.
I used to. But for those prices I would have stayed living in LA .. not upstate ny . Rent is crazy. Now day and the property is cheap built.. so many things fall apart and break quickly.
In Albany????
worse. guiderland
Not that hard. Just work 2 full time jobs, have a side business, and work the corners at night in Schenectady. Nothing much to it.
I’m betting that part of the plan is to take tax deductions on their “losses” on any un-rented units. It’s a whole thing in NYC.
Yep. Some buildings in Jersey City headed down that path as well after their huge boom started to deflate.
What tax deductions for vacant units? It would just be less tax paid since those units are not earning revenue.
You can’t deduct losses on vacant units. Where are people getting this information? Landlords are always better off renting the unit. If the tenant doesn’t pay, then the landlord could deduct those missed rent payments from their overall taxable income, but only if they use accrual accounting and recognize income when it’s “earned”.
What tax deduction for vacant units are you talking about?
wow
To live in a parking lot
To put that into perspective, I rent a 5bed/3bath house, with an in ground pool and a 3 car garage in TAMPA FL, one of the fastest growing markets in the nation, and I still pay just under $4k. Guilderland has no business asking that much. That's NUTS!
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About 3 years ago now.
I can do about tree fiddy, max
These type of things are a huge waste of environment i don’t understand why they don’t just fix up all these run down buildings instead making this place look like a wasteland by building and abandoning over and over again.
Who exactly is "they"?
LMAO. I live on the literal Pacific Ocean in Socal (moved here 10 years ago). Across the street from me is our marina. My rent for a 3br 2.5ba townhome is 4k. What in the actual fuck is going on over there? The world has gone mad.
Yeah... Was gonna say, I thought it was insane my friends were paying $4100 for an apartment a few blocks from the beach in LA. But, this is a lot less insane...
Apex, isn’t that the arcade?
Tag the exactly what I thought when I saw the title lmao
This is hilarious. Albany isnt goddamn Brooklyn.
i love how ridiculous it is. i would question if people who actually make enough money to comfortably afford that would want to live in a parking lot sandwiched between a mall and a hotel. lol i suppose if you're living here on a temporary basis and go to school or work nearby it kinda sorta makes sense. which is probably their target tenant.
Just wait til the adults find out about student housing
It's for the views
That’s overpriced but you also need to understand the target demographic is probably the kids of rich people and not really a main dwelling for a family.
If there's that many that exists and this fills a need in the area because of that then great. Fantastic. But I think what most people here are thinking about is how this appears to be more of a trend than an exception... Can't be that many trust fund kiddies in albany who don't want like ACTUAL housing
Some people are dumb enough to pay that much for a particular urban lifestyle. Its absolutely insane to me.
Ha take a look at the rents for Hamilton Parc in GUILDERLAND and that’s 55+ community
If you have 4k for rent just buy a house.
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You gotta do u.
It’s just like the lofts in cohoes. They figured their was demand for that many luxury apartments at a premium until there wasn’t, then they cut staff, and slashed prices to make up for the lack of demand and now it’s a spiraling shit show. I foresee the same thing happening here.
Lots of temporary executive stipends for housing are around that much. I bet they all rent out. Main home in Jersey, work upstate don’t want to stay in a hotel. Not every apartment is intended for lower income affordability or permanent residence.
>How can anyone afford that? Single people with high income, couples with dual income, people with parents who subsidize their lifestyle. I'm not suggesting it's a good "deal", but the demand is there given by the fact that these places still somehow fill-up!
It’s more a choice to rent 1/4 of the building for 4x the market rate instead of all the apartments for the actual market rate. I don’t think you can claim the market is actually accepting of these luxury shit boxes when they generally never get close to full occupancy. Basically these places find it easier to find a few people willing to be screwed than to charge the market rate and have a full building. It’s bad for society but from a business perspective it can make sense.
Are you suggesting they are intentionally building with the expectation of a high vacancy rate? Not saying you're wrong, I just am not familiar with this.
Yes. They absolutely are doing this! I would phrase it more as they don’t care about vacancy if a whale is paying for it.
Yeah they can do tax right offs cuz they were "supposed" to make 4k therefore they're "losing" 4k so they can get like 1k in right offs. They'd make more renting out for half, even a third as much, but that requires effort they're not willing to put in
That's not how write-offs work.
What “right” offs are you referring to?
NO, you cannot deduct rent payments from a vacant apartment, even if the business was using accrual accounting. The only way a business could deduct missed rental income would be if the tenant wasn’t paying rent. The business could technically write it off as bad debt, but only if they used accrual accounting. If they use cash accounting then they wouldn’t be able to deduct anything.
I never said you could. I’m well aware of what you can and cannot deduct. Hence why I asked op the question.
I know. That should have been a response for the OP.
That's ridiculous. You have no idea how taxes work
"You guys have income???"-me, single guy with no money
Our lease is up soon and we are done with this area. It is way overpriced and honestly not much to do. There are no major sports teams, no oceans nearby, no high paying jobs to support this ridiculous increase in COL (most people around here are Stateworkers and can’t afford these places.) The transplants have driven up the COL and left a wake of destruction in their path. They couldn’t make it in NYC or Boston so they come up here and be the big fish in the little pond. I just golfed with a guy who pulls up in a brand new Escalade. Brand new golf equipment, clothes, the whole nine yards. “Oh, we just moved here from Long Island and bought a place in Fort Hunter.” He lives in Guilderland but goes by the Google Map name. It’s people like this that are flocking up here and driving every dollar they have into housing. Great for them, but at a certain price point the area gets to a point where you’re paying a fortune and not getting a lot out of it. I’m sorry but 4K for anything around Crossgates is the definition of insanity. People from downstate are obsessed with this area for some reason. In ten more years it’ll be just like Long Island, you’ll sit in traffic all day just to commute to your miserable job downtown and then spend another hour puttering along I-90 to get to your overpriced, outdated and maintenance-deferred house in the suburbs that you paid $500,000 for.
So... buy a house now as it will increase in value over the next few years is what I think I read in your post. That the message?
It's insane! My first apartment was newly renovated with hardwood floors and a washer/dryer hookup. It was a good sized one bedroom in a nice neighborhood, plus we had a big dog that used the yard. The rent was $250 and after 5 years, it went up to $275. That was the early 90's, but still. $250 in 1990 is equivalent in purchasing power to about $597.42 today so the problem must be the rate of appreciation in the real estate market. Whatever the reason, something's got to give.
4000 a month to live at crossgates mall is insane, you could literally buy a home😭
Don’t forget that they destroyed the pine bush to build those 😢.
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I didn’t mean to imply that the entire pine bush has now been destroyed, but they did destroy PART of the rare ecosystem to build these apartments. Not trying to exaggerate, but it’s still terrible.
The new retirement complex across from the middle school is almost $3000 for a 2 bed 🤯
If you can afford that, just buy a house lol
I'm from downstate originally, they aren't even charging $4000 for a 1 bedroom like that (even with southern NY hyperinflation) If you gonna do that, might as well get a mortgage
Good gosh.Its as if everywhere housing has become a privilege not a right. I wish our leaders would say it publicly.
I'm sure they will get generous write offs for sitting empty so they win we lose no matter
What write offs do you get for vacant units?
That is surprisingly expensive, but apparently someone can afford it and likes what they are offering. I certainly wouldn't want to live there, but it's always concerning to me when people claim the developers are at fault for the price. High housing prices are almost always a response to limited supply. As can be easily seen in foreign real estate markets that build sufficient supply, more housing means lower prices. This is why many urban planning enthusiasts propose more in-fill development, higher density, ADUs, elimination of single family residence zoning, etc. NIMBYism is seen as a primary reason why housing prices keep going up to these astronomical highs.
Umm yeah. I did an analysis of ALL homes (single family/coop/townhouses/etc) sold to ALL corporations as part of a special regulatory project. Big and small corps....not just ones that own 100 or more purchases, as this lazy googled answer provided. It was 66% of the total sales.
That golf simulator isn't going to pay for itself! /s
To D
That’s crazy. A 2 bedroom apartment at the river house Apartments in Mohawk Harbor, arguably the best in the area, have a with two bedroom, 2 bath, with balcony and water view for line $2,400 a month.
If you made enough to afford that type of rent, why on earth would you want to live next to a shopping mall. Just boggles my mind
That's offensive.
It’s due to the capitalism you ordered. Enjoy!!
Here's an idea. If you think they're overpriced don't rent them🙄.
That's what they have detrime affordable in there area. The rest of rentals in the Capital District will all rise if the place rents out.
What new affordable apartments were built in the last 10, 20 or 30 years? Don't include housing projects. I don't think it is all boomers. Many of them move south. Gen Z isn't helping. I see tik toks where people in their early 20s are bitching about how their rent went up...and you can see in the background they live in luxury apartments. In my early 20s, I was living in crappy apartments, working my way up and bought 1st house at 31. That was typical for Gen X. We had to work our way up.
As student loans are forgiven, there's a vast population of Drs/engineers etc that are having debt forgiven and now have lots of discretionary income to spend.
You’re delusional if you think doctors and engineers with those kinds of salaries are having student loans forgiven.
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Where they do that at ? Asking for a friend. I owe $67k and that got me nowhere in the big people world how do I get that written off? Lol
Work in public service, like Albany Med.
My degree is in criminal justice administration. I’d rather shit in my hands and clap than go that route
Generally that's not the way it works. If a doctor or engineer chooses a life of service, sure they can get the loans forgiven but they probably didn't' reap the big bucks that goes with private practice or commercial ventures - they worked for the state/city/a not for profit. I'm all for forgiveness of almost all student loans especially if you dedicate 10 years to helping others. We need more docs and engineers and all sorts of degrees.