When most people hear “New York,” their minds immediately go to the Five Boroughs of Manhattan, the Bronx, Staten Island, Queens and Brooklyn. The same can be said when it comes to investing in real estate in New York – when investors think about investing in real estate in New York, they think of high prices and a crowded rental market. As a private lender offering hard money loans in New York, however, we figured we would talk about something a little bit different: the best short-term rental markets in New York State.
In addition to the booming metropolis of New York City and the surrounding suburbs, areas farther upstate are well-established as vacation havens for city dwellers looking for a change of pace. Let’s take a look at some of the cities and towns in New York where Airbnb investments are paying off for real estate investors.
Niagara Falls, NY
Sitting right next to the Canadian border is world famous Niagara Falls. In addition to Niagara Falls State Park, the surrounding city offers an abundance of attractions for sightseers and families alike. Despite relatively harsh winter weather, the city’s proximity to Buffalo, the Canadian border, and several colleges and universities make this a year-round destination rather than a seasonal attraction.
- Median Property Price in Niagara Falls: $168,906
- Number of Airbnb Listings in Niagara Falls: 193
- Average Airbnb Monthly Rental Income: $2,344
- Airbnb Daily Rate: $150
- Airbnb Occupancy Rate: 60%
Located about halfway between Manhattan and Albany, Hudson is a very popular weekend destination for local New Yorkers. Those who don’t have their own second homes, however, are likely to seek temporary refuge on a short-term basis to unplug and unwind from the stresses of city living. The nearby Catskill Mountains offer recreational activities like skiing in the winter, as well as wilderness preserves to explore local nature and sights (which makes for great foliage viewing in the fall).
- Median Property Price in Hudson: $877,831
- Number of Airbnb Listings in Hudson: 197
- Average Airbnb Monthly Rental Income: $5,339
- Airbnb Daily Rate: $230
- Airbnb Occupancy Rate: 70%
New York State’s capital has been consistently ranked among the best places to live in New York, and also ranks among the top places to live in the country. Given its deep history and elaborate architecture, Albany is a great place for families and history buffs to visit. Cooperstown is about an hour to the west which attracts lots of tourists and youth baseball players throughout spring and summer. In fall, Upstate New York boasts amazing views of foliage, and Albany is no exception.
- Median Property Price in Albany: $315,137
- Number of Airbnb Listings in Albany: 182
- Average Airbnb Monthly Rental Income: $2,921
- Airbnb Daily Rate: $152
- Airbnb Occupancy Rate: 62%
As the saying goes: “Ithaca is gorges!” Home to over 150 waterfalls in just a 10-mile radius, Ithaca is a must-see destination for nature lovers on the east coast. Even during cold winter months, explorers flock to view frozen waterfalls, and to take advantage of a picturesque landscape no matter what time of the year it is. Ithaca is also home to Cornell University and Ithaca College, so reunion events and family weekends draw crowds from all around the US.
- Median Property Price in Ithaca: $560,975
- Number of Airbnb Listings in Ithaca: 185
- Average Airbnb Monthly Rental Income: $4,586
- Airbnb Daily Rate: $352
- Airbnb Occupancy Rate: 51%
Photography buffs rejoice! Rochester may not be the first city that comes to mind for a scenic vacation, but it is full of rich history as the birthplace of some of America’s most iconic companies including Kodak, Xerox, Bausch & Lomb, and many others. Rochester is one of America’s hubs of science and technology, and now boasts several museums to honor its place in history and culture. Situated among New York’s Finger Lakes region, there’s plenty of nature to explore, as well.
- Median Property Price in Rochester: $261,241
- Number of Airbnb Listings in Rochester: 341
- Average Airbnb Monthly Rental Income: $2,558
- Airbnb Daily Rate: $134
- Airbnb Occupancy Rate: 60%
Finance Vacation Rental Properties in New York
Thinking about investing in short-term vacation rentals in New York and looking for a capital partner to help you do it? Pimlico Capital can help! We offer both fix & flip loans as well as long-term investment mortgages that you can use to purchase, rehab, and refinance your rental properties in New York. If you have a property in mind, give us a call at 410-855-4600, or fill out our online rate calculator to see financing terms that you qualify for.