4th Quarter Absorption Hits Seven-Year High in Albany
The Albany apartment market just had its strongest 4th quarter in seven years. In 4th quarter 2021, Albany absorbed 677 units, marking the highest 4th quarter absorption showing the New York market of about 65,000 existing units has seen since 2014. With annual absorption exceeding 1,500 units in the year ending 4th quarter 2021, quarterly absorption claimed an impressive 45% of annual demand. Since early 2019, Albany’s annual net inventory has hovered around 1.5%, a bit lower than the 2% growth seen in the few years before that. Supply is forecasted to taper off in the coming years as only 800 units are under construction in Albany, marking the lowest rate since 2010.