According to the Business Review, the U.S. Census Bureau reports that multi-family building permits in the Albany MSA (Albany, Rensselaer, Saratoga, Schoharie, and Schenectady Counties) significantly exceed single-family permits by 1,400 to 597 in the first six months of 2015, suggesting that “millennials” prefer to rent rather than buy.
However, this data is based on only six months of activity and single-family could catch-up and exceed multi-family in the last six months of this year, as it did last year. Other studies show that just as many millennials want to buy a home as want to rent an apartment.
Regardless of the balance between multi- and single-family permits, the Capital District Regional Planning Commission says that multi-family is growing significantly with an average of 939 multi-family permits issued annually from 2011 to 2014, compared to 590 from 2007 to 2010 (Schoharie County excluded).
Read the rest of the article here: Albany, New York, region sees big jump in multi-family building permits – Albany Business Review