Location: Albany-Schenectady-Troy, NY | Metro: Albany-Schenectady-Troy, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,270 |
| 1 Bedroom | $1,470 |
| 2 Bedrooms | $1,760 |
| 3 Bedrooms | $2,100 |
| 4 Bedrooms | $2,310 |
| 5 Bedrooms | $2,680 |
| 6 Bedrooms | $3,002 |
| 7 Bedrooms | $3,242 |
| 8 Bedrooms | $3,404 |
U.S. Census Bureau data (2024)
Cohoes, NY's ZIP code 12047 is a residential area with a total population of 23,532. Over half of the residents—54.3%—are renters, indicating a significant demand for rental properties. The median household income in this neighborhood stands at $66,071, which is relatively stable but not exceptionally high. Median home values in the area are at $330,493, reflecting a moderate housing market.
The rent economics in ZIP 12047 are noteworthy. The Fair Market Rent (FMR) for the area, as determined by HUD for fiscal year 2024, is set at $1,350. This figure contrasts sharply with the market rent, which is estimated at $1,682 according to ZORI (Zillow Observed Rent Index). This difference suggests that landlords could potentially earn higher rents than the government-subsidized rates if they manage their properties effectively and appeal to non-voucher tenants.
Given these economic factors, ZIP 12047 is suitable for both hands-off voucher operators and hands-on value-add buyers. For those who prefer a hands-off approach, the presence of a substantial number of renters and the availability of Section 8 vouchers can provide a steady stream of income with minimal tenant turnover risk. However, for investors looking to actively manage their properties and potentially increase their returns, there is room to attract market-rate tenants willing to pay above the FMR.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.