Housing report for Albany, NY

Albany Affordable Housing Report:
Q1 2023

Last updated on Apr 1, 2023

Housing overview of Albany, NY

880,766

population in Albany, NY

455,664

workers in Albany, NY

479,625

housing units needed

Albany's burgeoning population and dynamic economy have created a significant demand for workforce housing. In this market report, we analyze the current state of the city's housing market, emphasizing the growing need for affordable and immediate housing.

Albany has a housing gap of 69,518 units; new construction is a drop in the bucket

Population:Across metro Albany the population has risen to 880,766.
Workforce:Albany's workforce has grown to 455,664, indicating strong economic growth and increasing demand for housing.
Housing Unit Demand:To accommodate the population and workforce, Albany requires 479,625 housing units.
Current Housing Stock:The metro area currently offers 410,107 housing units, resulting in a deficit of 69,518 homes.

Albany workers would need to earn an extra 22.41% to afford the median rental

Median Rental Price:The median rent for an apartment in Albany is $1,349, highlighting increasing rental prices.
Income Needed to Afford a Rental:A tenant needs to make at least $48,564 and pay $2,698 upfront to move-in (first month’s rent and security deposit). Typically, to qualify for a home, a landlord requires 3x rent in income, in addition to credit score minimums and eviction checks. Finally, most apartments charge an application fee.
Median Income in Albany:The city's median income is $37,681, demonstrating a significant affordability gap.
Affordability Gap:The affordability gap in Albany stands at $10,883. This means that workers need to earn 22.41% more to qualify and afford the median rental in the greater Albany area.

Expanding affordable workforce housing in Albany

So how do we house the growing population of healthcare workers, drivers, technicians, and care workers that make up Albany’s workforce?

Solution 1: Build more housing

Despite the evident need for housing, only 93 permits have been issued so far in 2023, indicating a slow response from the market to address this demand. This shortage has led to increased rental prices

Solution 2: Relocate workers farther outside of the city

We believe workers in our community deserve to live in our community. While some may desire to relocate further their place of work, this is not a viable solution for all workers.

Solution 3: Do more with existing housing

We can do more with our existing housing to meet the needs of the metro-area population. There are exciting developments to address housing shortages and affordability challenges by increasing housing density. Some examples include converting single-family into multi-family homes, commercial to residential conversions, housing ADUs, co-living, and shared housing. At PadSplit, we are growing the country’s leading shared housing marketplace.

Sources: Census, Bureau of Labor & Statistics, ApartmentList, PadSplit

Shared Housing is a fast, cost-effective way to scale affordable housing for the workforce

PadSplit was founded five years ago and has grown to become the country’s largest shared housing marketplace. Real estate investors, homeowners, and community partners work with PadSplit to provide affordable, dignified housing to workers.

To learn more, check out the following:

Hosting on PadSplit PadSplit impact report Rooms for rent in Albany