Topic: Renovated Rental Market?
Renovated Rental Market?
My fiancé and I have fallen in love with Newburgh for many reasons, and are planning on relocating from NYC in early 2017. We love that Newburgh has a large community of activists, artists and those dedicated to the sustainable growth and development of the beautiful city. From what we can tell, Newburgh also seems to have a good size LGBT population.
We’d like to purchase an abandoned older building and do a complete rehab and restore, although we are still trying to decide whether we want to go for a single family or a multifamily, living in one unit and renting out the other(s).
We’ve seen lots of advertisements in 2 Alices and online for recently renovated apartments for rent, but we’re curious on what the vacancy rate and market is like for these units? Any multifamily owners on the forum who can provide any helpful insight? Is there perhaps a glut of apartments for rent in the city right now?
Jon and Noah