best places to Airbnb in upstate New York
Key Takeaways
- New York is one of the richest states in the US with its robust economy, great attractions, and strong real estate market. Thanks to these, many Airbnb hosts and investors are able to generate a good rental income.
- Find out why investing in a rental property in Upstate New York can end up being a successful and remunerative experience.
- Knowing the top areas in Upstate New York along with their recommended property types and specific Airbnb data can help you to take the best investment decisions.
Introduction
New York is home to one of the most popular and crowded cities in the US. In fact, NYC may be the first city that comes to everyone’s mind if we mention this state. However, NYS has also a lot more to offer since it is filled with plenty of urban and suburban cities that are worth visiting such as Syracuse and Buffalo.
Overall, Upstate New York offers a strong housing market with a variety of affordable prices. Moreover, the NYS also has one of the highest GDP per capita in the country as of Q2 2022!
Considering investing in one of the striking cities in Upstate New York can certainly lead to a financially rewarding experience. Still, you may be wondering what are the best places to get an Airbnb in New York, right? Then, allow us to lend you a hand!
In this blog, you will find the best places to invest in Airbnb in Upstate New York. We also mention some of the main advantages that investors can have when investing in real estate in this part of the state. Continue reading to learn more.
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Pros of buying rental property in Upstate New York
Investing in real estate in Upstate New York can eventually lead to financial freedom since investors can generate a nice passive income. But you may be wondering about the advantages that Upstate NY cities offer to real estate investors.
Check out some of the reasons why buying an Airbnb investment property in Upstate New York is a great idea:
US’ Top 2 Richest State
New York is an economically strong state with a GDP per capita of $96,502. For this reason, it occupies the 2nd place as one of the wealthiest states in the US. The state is home to several big corporate headquarters that contribute to a strong job market depending on which city you’re located in.
Reasonable cost of living
One of the main advantages of buying a property in Upstate New York is that the cost of living in most of its cities is quite reasonable and below the national average.
Among the best cities to live in Upstate New York are Syracuse, Rochester, Buffalo, and Lake Placid with median houses values of $154K, $182K, $197K, and $251K respectively.
Charming tourist destinations
New York State offers a lot more than meets the eye, especially the upstate region. Located in the north region of NYS, Upstate New York is filled with striking rural sceneries, hills, lush forests, rivers and charming towns.
It’s a great place for nature lovers since most parts of Upstate New York are farmland and wilderness with landscapes of rivers, creeks, and mountains that open the doors to plenty of exciting adventures. Here we can find some iconic places like Niagara Falls, the Adirondack, and Catskill Mountains.
New York State welcomes around 265M visitors per year, and while NYC is the most visited city, there are still others that have a thriving tourist market. For example, around 16M travelers visit Buffalo annually, while Rochester receives over 3M tourist arrivals. Hence, if you ever aim to cater to tourist accommodations, some cities of Upstate New York are great markets for you!
Is Airbnb Profitable in the Cities of Upstate New York?
Airbtics confirms that investing in real estate in cities of upstate New York can lead investors to financially rewarding experiences since it offers great investment opportunities. But we must point out that the level of profitability depends on other important factors like the property type and location.
According to Airbtics analytics tool, an Airbnb host can expect an average annual revenue of $33,444 for operating a 2-bedroom property in Syracuse. On the other hand, a host managing a 2-bedroom apartment in Buffalo can earn up to $35,427 annually.
Best Places to Buy an Investment Property in Upstate New York
While there are many Airbnb host expenses to consider, the most essential part is to asses the property’s location. Check out the best cities in Upstate New York that are recommended for starting an Airbnb business:
1. Rochester
- Total Number of Airbnb Listings: 387
- Best bedroom size: 2 bedrooms
- Median property price (2 bedrooms): $119,900
- Airbnb Annual revenue: $33,494
- Gross rental yield: 30%
2. Niagara Falls
- Total Number of Airbnb Listings: 153
- Best bedroom size: 3 bedrooms
- Median property price (3 bedrooms): $139,900
- Airbnb Annual revenue: $36,688
- Gross rental yield: 26.22%
3. Lake Placid
- Total Number of Airbnb Listings: 262
- Best bedroom size: 2 bedrooms
- Median property price (2 bedrooms): $249,000
- Airbnb Annual revenue: $57,628
- Gross rental yield: 23.14%
4. Albany
- Total Number of Airbnb Listings: 171
- Best bedroom size: 1 bedroom
- Median property price (1 bedroom): $109,900
- Airbnb Annual revenue: $25,288
- Gross rental yield: 23.01%
5. Syracuse
- Total Number of Airbnb Listings: 102
- Best bedroom size: 1 bedroom
- Median property price (1 bedroom): $110,000
- Airbnb Annual revenue: $25,097
- Gross rental yield: 22.85%
6. Ithaca
- Total Number of Airbnb Listings: 245
- Best bedroom size: 3 bedrooms
- Median property price (3 bedrooms): $299,000
- Airbnb Annual revenue: $66,388
- Gross rental yield: 22.20%
7. Hudson
- Total Number of Airbnb Listings: 196
- Best bedroom size: 2 bedrooms
- Median property price (2 bedrooms): $242,500
- Airbnb Annual revenue: $51,654
- Gross rental yield: 21.30%
8. Kingston
- Total Number of Airbnb Listings: 136
- Best bedroom size: 1 bedroom
- Median property price (1 bedroom): $189,000
- Airbnb Annual revenue: $37,228
- Gross rental yield: 19.70%
9. Buffalo
- Total Number of Airbnb Listings: 484
- Best bedroom size: 1 bedroom
- Median property price (1 bedroom): $184,900
- Airbnb Annual revenue: $28,006
- Gross rental yield: 15.15%
10. Saratoga Springs
- Total Number of Airbnb Listings: 517
- Best bedroom size: 3 bedrooms
- Median property price (3 bedrooms): $439,900
- Airbnb Annual revenue: $65,484
- Gross rental yield: 14.89%
Takeaway
Upstate New York offers a variety of types and prices when it comes to housing options and also many profitable cities. This confirms that real estate investors can obtain a good return on investment by owning an Airbnb listing in this region of the state. But if you’re still unsure whether you should invest in this region’s markets or not, you can also explore the best places to Airbnb in other US cities.
After finding out the best places in Upstate New York to buy a rental property, go ahead and check Airbtics’ short-term rental calculator. Move forward and boost your earnings by making use of top-tier analytics tools!
