Albany itself is a government and hospital town, busiest during the legislative session and graduation weekends. The Capital Region around it is a different story: Saratoga Springs in track season, Lake George in summer and the Helderbergs and northern Catskills in fall and ski season all draw nightly guests.
In short: LendingStreet finances Capital Region short-term rentals with DSCR loans that can qualify on projected nightly revenue on some programs. Loans start at $150,000, purchases go up to 80% LTV, and the standard minimum is a 1.0x DSCR with a 620 credit score. The City of Albany regulates short-term rentals and investor-owned units face real limits, so many investors buy in Saratoga, Warren or Greene County towns where local rules allow nightly stays.
The City of Albany regulates short-term rentals, and its rules have been debated and revised as the city tries to protect long-term housing. Requirements can include registration or permits, limits tied to owner presence, safety inspections and local occupancy tax. Before you assume a whole-home Airbnb in Center Square or Pine Hills will work, confirm the current ordinance and whether a non-owner-occupied unit can be permitted at that address.
New York State also adopted a short-term rental registry law in 2024 that lets counties require registration and tax collection, so county rules are increasingly part of the picture. If nightly stays are not allowed, the property can still be financed with a DSCR loan on a 12-month lease, but the projection-based STR approach will not apply.
Investors who want nightly income usually look outside the city limits, where the demand is seasonal but deep and local rules are often more workable. Each town sets its own permits, so check the specific municipality.
Capital Region STR revenue is lumpy. In Saratoga, July and August can carry a large share of the year's income, and some hosts book track season by the month. Lake George peaks from late June through Labor Day. Ski towns earn from December through March, with a shoulder in fall foliage season.
A strong file shows monthly revenue, not just an annual total, and explains how the property covers the payment in the off months. Many hosts near Albany fill the slow season with furnished 30-day stays for Albany Medical Center staff or session workers at the Capitol, which can smooth cash flow.
On some programs, a purchase can qualify on a third-party projection of short-term revenue instead of a long-term lease. The comps matter: a Saratoga house should be compared with homes rented during the meet, and a lake cottage with other lake cottages, not with an Albany row house.
If the projection comes in lower than you hoped, our guide to low AirDNA projections explains options such as more down payment or a different structure. Programs differ in how they treat expenses and projections, so ask how your file will be calculated.
This example is illustrative and not a quote. An investor buys a three-bedroom home in southern Saratoga County for $420,000. A third-party projection estimates $66,000 in annual revenue, about $5,500 a month, much of it earned in summer.
At 75% LTV the loan is $315,000. Estimated principal and interest is about $2,203. New York property and school taxes are budgeted at $700 a month and STR insurance at $215, for a total of about $3,118. On the full projection, DSCR is about 1.76x; at 20% less revenue, it is about 1.41x.
| Item | Full projection | Projection less 20% |
|---|---|---|
| Purchase price | $420,000 | $420,000 |
| Loan at 75% LTV | $315,000 | $315,000 |
| Estimated principal and interest | $2,203 | $2,203 |
| Taxes and insurance | $915 | $915 |
| Total monthly payment | $3,118 | $3,118 |
| Monthly revenue used | $5,500 | $4,400 |
| DSCR | 1.76x | 1.41x |
New York property taxes are high, and school taxes are usually billed separately from county and town taxes. Assessments are set by each city or town assessor, and equalization rates mean the assessed value on the roll may not match market value, so use the actual bills rather than a percentage of price.
At closing, New York charges a mortgage recording tax based on the loan amount, which buyers should budget for, and a state transfer tax that sellers customarily pay. Occupancy taxes on nightly stays are set by county and sometimes by the municipality.
Capital Region winters are long. Budget for snow removal, heating a vacant property between guests and frozen-pipe protection on lake houses. A policy written for short-term rentals is usually required, and docks, hot tubs and wood stoves can change the premium.
Lenders treat an STR as a small business. Show reserves, a cleaning and management plan and a realistic budget for furniture replacement.
If you already own a Saratoga, Lake George or ski-area rental with a track record, a DSCR refinance can use actual revenue on some programs. Cash-out goes up to 75% LTV, and seasoning varies by program. For the rest of the state, see our New York short-term rental page.
Only if the current city ordinance allows it at that address. Albany regulates short-term rentals and limits non-owner-occupied units, so check registration, permit and owner-presence rules before you buy.
Saratoga Springs and southern Saratoga County, Lake George and Warren County, and ski and foliage towns in the Helderbergs and Greene County are common choices. Each town has its own rules.
It raises annual revenue but concentrates it in summer. Projections should show monthly revenue, and reserves should cover the slower months.
Yes, if the property qualifies as a non-owner-occupied rental. Depending on the program, it may be underwritten on long-term rent or on projected revenue.
It lets counties require short-term rental registration and tax collection. Check the county where the property sits, along with local permits.
Often, because of the mortgage recording tax on the loan amount, which buyers pay on investment property loans. Ask your title company for an estimate early so it is in your cash-to-close number, along with reserves and furnishing costs.
No. The loan qualifies on the property's revenue and DSCR, with a 620 minimum credit score.
No. Our investor loans are business-purpose loans on non-owner-occupied property, so it must be run as a rental, not a second home.
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