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Albany NY Landlords- Be aware that Albany codes limit the number of occupants you can have
I love Albany NY Student housing. While it can be tough on properties renting to college students can be a very profitable side of the rental property business. However, as a student rental landlord you need to have a general knowledge of Albany codes. One in particular is the Grouper law that does not allow more then three unrelated people to live in the same unit. If the residents are members of a traditional family then more then three people can occupy a unit. Here is the section of the code that applies.
Section 375-7 of the zoning ordinance
FAMILY Shall mean
one, two, or three persons occupying a dwelling unit or four or more persons occupying a dwelling unit and living as a traditional family or the functional equivalent of a traditional family It shall be presumptive evidence that four or more unrelated persons living in a single dwelling unit do not constitute the functional equivalent of a traditional "family" The bottom line if you have a 4-5 bedroom unit and plan on renting to unrelated parties you will be limited to renting to only three people. Be sure to figure this into your income calculations when you run your numbers. Sure I see landlords ... more
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