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 routinely violate this law. However, keep in mind if there is ever a fire or other major problem, as a landlord you may have a potentially huge liability. In addition, If you have a problem with your tenants not paying rent and end up in court it doesn't look good for your case if this comes to light. If you want to run Albany rentals obtain Residential Occupancy Permits, Abide by the codes and laws, and you will have a more successful, profitable, and stressfree business. Albany NY Rentals