By Jill Nagy
A mix of millennials and empty nesters are keeping the Saratoga rental market booming.
One area property manager said that the proportion of those renters attracted to new, higher-end, apartments is far higher than the national average of 20 percent.
With rents on new luxury apartments ranging from approximately $1,600 a month for a studio apartment to $3,700 a month for a larger apartment, a significant portion of the apartment market is under-served.
“We are not serving the young professional needing something in the $1,000-a-month range,” said Jason Thomas of Roohan Realty in Saratoga Springs. They have to go to older properties with fewer amenities or, in some cases, join others in similar circumstances to rent a house together.
Be that as it may, Thomas and his colleagues in the business are optimistic.
Peter Rosecrans of Burns Property Management, which has numerous apartments in Saratoga Springs, said “things are going well,” both locally and in the rental industry as a whole. “Members of the millennial generation are really waiting on purchasing a house.”