{"id":504974,"date":"2024-08-05T14:12:09","date_gmt":"2024-08-05T18:12:09","guid":{"rendered":"https:\/\/www.rent.com\/research\/?p=504974"},"modified":"2024-08-05T14:12:10","modified_gmt":"2024-08-05T18:12:10","slug":"albany-ny-rentership-rates","status":"publish","type":"post","link":"https:\/\/www.rent.com\/research\/albany-ny-rentership-rates\/","title":{"rendered":"Albany, NY Has One of the Lowest Renter Populations in the U.S. \u2013 Here&#8217;s Why"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\" id=\"h-just-26-of-residents-in-albany-are-renters-among-the-lowest-shares-in-the-nation\">Just 26% of residents in Albany are renters, among the lowest shares in the nation.<\/h3>\n\n\n\n<p><a href=\"https:\/\/www.rent.com\/new-york\/albany-apartments\">Albany, NY<\/a>, situated along the Hudson River in Upstate New York, is home to an affordable housing market that\u2019s seen steady growth lately. With its natural beauty, mix of historic and modern architecture, and rich political and industrial history, there&#8217;s a lot to appreciate in the capital city.&nbsp;<\/p>\n\n\n\n<p>It\u2019s no wonder that Albany\u2019s population <a href=\"https:\/\/www.timesunion.com\/news\/article\/albany-barely-adds-population-latest-census-18123958.php\" rel=\"nofollow\">recently rose<\/a> to over 100,000 people. People are looking to move to a former industrial hub that\u2019s seeing a major revitalization.<\/p>\n\n\n\n<p>But what\u2019s happening with the rental market? And why do so many people own a home in Albany? Read on to learn everything you need to know.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-74-of-albany-residents-are-homeowners-26-are-renters\">74% of Albany residents are homeowners; 26% are renters<\/h2>\n\n\n\n<p>74.4% of Albany residents own their home \u2013 among the highest share in the country. Albany has actually seen a general decline in rentership since 2019, helping push it to the second-highest homeownership spot in the nation. Only 25.6% of Albany\u2019s population rents. Rent prices <a href=\"https:\/\/www.timesunion.com\/projects\/2023\/albany-rent-prices\/\" rel=\"nofollow\">aren\u2019t exactly cheap<\/a>, either, especially when compared to other Upstate metros.&nbsp;<\/p>\n\n\n\n<p>A major reason for the high homeownership rate is likely the housing market. House prices have been consistently rising across the country, but have remained very affordable in Albany. The <a href=\"https:\/\/www.redfin.com\/city\/245\/NY\/Albany\/housing-market\">median sale price<\/a> for a <a href=\"https:\/\/www.rent.com\/new-york\/albany-houses\">home in Albany<\/a> is $279,000, far below the national median of $442,000. Neighbor cities Rochester and Syracuse are seeing comparable patterns.&nbsp;<\/p>\n\n\n\n<p>However, in part because of its affordability, Albany\u2019s housing market <a href=\"https:\/\/www.forbes.com\/sites\/antoniopequenoiv\/2024\/07\/04\/upstate-new-york-has-this-years-hottest-housing-market-heres-where-else-values-are-surging\/\">is booming<\/a> and houses are selling at a blistering pace. Near the end of 2023, houses in Upstate New York sold in <a href=\"https:\/\/www.redfin.com\/news\/fastest-slowest-housing-markets-september-2023\/\">roughly a week<\/a>. There isn\u2019t enough inventory to meet demand, either, pushing prices up to near-record highs.&nbsp;<\/p>\n\n\n\n<p>Similar trends are happening in metros throughout the Great Lakes region, <a href=\"https:\/\/www.washingtonpost.com\/sf\/brand-connect\/nar\/a-shiny-and-new-rust-belt\/\" rel=\"nofollow\">many of which<\/a> are seeing a renaissance as homebuyers search for houses they can afford. <a href=\"https:\/\/www.sierraclub.org\/sierra\/climate-receiver-cities-signal-rust-belt-renaissance\">Some people<\/a> are also moving to these areas to escape the worst effects of climate change, dubbing them \u201c<a href=\"https:\/\/www.bbc.com\/future\/article\/20240628-us-climate-havens-cities-claim-extreme-weather-protection\">climate havens<\/a>.\u201d Revitalized downtowns, welcoming communities, and large open spaces are some of the many benefits to these cities.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-s-happening-with-nationwide-rentership-rates-nbsp\">What\u2019s happening with nationwide rentership rates?&nbsp;<\/h2>\n\n\n\n<p>Nationwide, the rentership rate rose 1.9% year over year to 34.4% in the second quarter of 2024, meaning over one-third of Americans are renters. In contrast, homeownership saw a modest 0.6% increase, but remains much more common at 65.6%.<\/p>\n\n\n\n<p>This is the third-straight quarter that rentership outpaced homeownership. The last time this happened was in 2022, when mortgage rates rose to the <a href=\"https:\/\/www.nytimes.com\/2022\/06\/29\/business\/economy\/mortgage-rates-housing-market.html\" rel=\"nofollow\">highest level since 2008<\/a>. Rentership consistently outpaced homeownership from 2006-2017, as well.&nbsp;<\/p>\n\n\n\n<p>Rentership rates vary widely throughout the country and are generally correlated to house prices \u2013 the more expensive houses are, the more people will be pushed into renting. If house prices are lower, people generally have more freedom to choose if they want to rent or buy.&nbsp;<\/p>\n\n\n\n<p>As such, one reason for the increase in rentership is because homeownership is <a href=\"https:\/\/www.redfin.com\/news\/housing-affordability-at-record-low-2023\/\">historically unaffordable<\/a> and showing <a href=\"https:\/\/www.redfin.com\/news\/home-purchase-cancellations-june-2024\/\">little sign<\/a> of improving. Another reason is because rental supply has more or less <a href=\"https:\/\/www.redfin.com\/news\/apartments-rented-slowest-pace-since-2020\/\">kept up<\/a> with increasing demand. However, in places where housing is particularly affordable, homeownership tends to be the more popular option.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-which-u-s-metros-have-the-lowest-share-of-renters\">Which U.S. metros have the lowest share of renters?<\/h2>\n\n\n\n<p>In particularly affordable metros, like Worcester, MA (23%) and North Port, FL (23%), rentership rates are the lowest. A lack of rental inventory and <a href=\"https:\/\/www.pewtrusts.org\/en\/research-and-analysis\/articles\/2023\/04\/17\/more-flexible-zoning-helps-contain-rising-rents#:~:text=Research%20shows%20that%20rents%20rise,up%20home%20prices%20and%20rents.\">zoning restrictions<\/a> could also play a role.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-metros-with-the-lowest-share-of-renters\">Metros with the lowest share of renters<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Metro<\/strong><\/td><td><strong>Rentership rate<\/strong><\/td><td><strong>Homeownership rate<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/www.rent.com\/massachusetts\/worcester\/apartments_townhouses_condos_houses\">Worcester, MA<\/a><\/td><td>23.2%<\/td><td>76.8%<\/td><\/tr><tr><td><a href=\"https:\/\/www.rent.com\/florida\/north-port\/apartments_townhouses_condos_houses\">North Port, FL<\/a><\/td><td>23.3%<\/td><td>76.7%<\/td><\/tr><tr><td><a href=\"https:\/\/www.rent.com\/new-york\/albany\/apartments_townhouses_condos_houses\">Albany, NY<\/a><\/td><td>25.6%<\/td><td>74.4%<\/td><\/tr><tr><td><a href=\"https:\/\/www.rent.com\/new-york\/rochester\/apartments_townhouses_condos_houses\">Rochester, NY<\/a><\/td><td>25.7%<\/td><td>74.3%<\/td><\/tr><tr><td><a href=\"https:\/\/www.rent.com\/new-york\/syracuse\/apartments_townhouses_condos_houses\">Syracuse, NY<\/a><\/td><td>26.2%<\/td><td>73.8%<\/td><\/tr><tr><td><a href=\"https:\/\/www.rent.com\/florida\/cape-coral\/apartments_townhouses_condos_houses\">Cape Coral, FL<\/a><\/td><td>26.3%<\/td><td>73.7%<\/td><\/tr><tr><td><a href=\"https:\/\/www.rent.com\/ohio\/cincinnati\/apartments_townhouses_condos_houses\">Cincinnati, OH<\/a><\/td><td>26.8%<\/td><td>73.2%<\/td><\/tr><tr><td><a href=\"https:\/\/www.rent.com\/connecticut\/hartford\/apartments_townhouses_condos_houses\">Hartford, CT<\/a><\/td><td>27.2%<\/td><td>72.8%<\/td><\/tr><tr><td><a href=\"https:\/\/www.rent.com\/virginia\/richmond\/apartments_townhouses_condos_houses\">Richmond, VA<\/a><\/td><td>27.7%<\/td><td>72.3%<\/td><\/tr><tr><td><a href=\"https:\/\/www.rent.com\/new-mexico\/albuquerque\/apartments_townhouses_condos_houses\">Albuquerque, NM<\/a><\/td><td>27.7%<\/td><td>72.3%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-which-u-s-metros-have-the-highest-share-of-renters-nbsp\">Which U.S. metros have the highest share of renters?&nbsp;<\/h2>\n\n\n\n<p>Rentership rates are the highest in expensive coastal metros like Los Angeles (53%) and San Diego (52%), where house prices <a href=\"https:\/\/www.cnbc.com\/2023\/07\/11\/us-cities-most-million-dollar-homes.html\">regularly surpass<\/a> $1 million. Prices are also tied to available rental supply.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-metros-with-the-highest-share-of-renters\">Metros with the highest share of renters<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Metro<\/strong><\/td><td><strong>Rentership rate<\/strong><\/td><td><strong>Homeownership rate<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/www.rent.com\/california\/los-angeles\/apartments_townhouses_condos_houses\">Los Angeles, CA<\/a><\/td><td>53.0%<\/td><td>47.0%<\/td><\/tr><tr><td><a href=\"https:\/\/www.rent.com\/california\/san-diego\/apartments_townhouses_condos_houses\">San Diego, CA<\/a><\/td><td>52.4%<\/td><td>47.6%<\/td><\/tr><tr><td><a href=\"https:\/\/www.rent.com\/new-york\/new-york\/apartments_townhouses_condos_houses\">New York, NY<\/a><\/td><td>50.1%<\/td><td>49.9%<\/td><\/tr><tr><td><a href=\"https:\/\/www.rent.com\/california\/fresno\/apartments_townhouses_condos_houses\">Fresno, CA<\/a><\/td><td>49.0%<\/td><td>51.0%<\/td><\/tr><tr><td><a href=\"https:\/\/www.rent.com\/texas\/austin\/apartments_townhouses_condos_houses\">Austin, TX<\/a><\/td><td>46.3%<\/td><td>53.7%<\/td><\/tr><tr><td><a href=\"https:\/\/www.rent.com\/california\/san-jose\/apartments_townhouses_condos_houses\">San Jose, CA<\/a><\/td><td>44.8%<\/td><td>55.2%<\/td><\/tr><tr><td><a href=\"https:\/\/www.rent.com\/hawaii\/honolulu\/apartments_townhouses_condos_houses\">Honolulu, HI<\/a><\/td><td>42.5%<\/td><td>57.5%<\/td><\/tr><tr><td><a href=\"https:\/\/www.rent.com\/california\/san-francisco\/apartments_townhouses_condos_houses\">San Francisco, CA<\/a><\/td><td>41.8%<\/td><td>58.2%<\/td><\/tr><tr><td><a href=\"https:\/\/www.rent.com\/nevada\/las-vegas\/apartments_townhouses_condos_houses\">Las Vegas, CA<\/a><\/td><td>41.6%<\/td><td>58.4%<\/td><\/tr><tr><td><a href=\"https:\/\/www.rent.com\/texas\/san-antonio\/apartments_townhouses_condos_houses\">San Antonio, TX<\/a><\/td><td>40.9%<\/td><td>59.1%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-methodology\">Methodology<\/h2>\n\n\n\n<p>Based on a <a href=\"https:\/\/www.redfin.com\/news\/renter-household-growth-2024\/\">Redfin analysis<\/a> of U.S. Census Bureau data for the 75 largest U.S. metros. A renter household is defined as one where the head of the household reports to the Census that they are renting out the property. A homeowner household is one where the head of household reports they own the property.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rentership rates are rising nationwide, as housing continues to be unaffordable. But not in Albany, where just 26% of people rent. What\u2019s behind this?<\/p>\n","protected":false},"author":1022,"featured_media":504975,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[250,19835,19832,19828],"tags":[],"topics":[202],"renters":[],"cities":[],"propertymanagement":[],"class_list":["post-504974","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-industry-trends","category-renting-trends","category-research","topics-news-trends"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.1 (Yoast SEO v24.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Most Residents in Albany, NY Own a Home: Why? | Rent. Research<\/title>\n<meta name=\"description\" content=\"Rentership rates are rising nationwide, as housing continues to be unaffordable. But not in Albany, where just 26% of people rent. 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