A luxury rental building in Hudson is struggling to find tenants.
About a year ago, when the Hudson Depot Lofts started accepting rental applications, a small number of apartments were made available to tenants earning 80% of the annual median income for Columbia County. That’s about seventy-seven thousand dollars a year. While those apartments filled up quickly, the remaining apartments require an income at 130% of the annual median income for the County - which would be over a hundred thousand dollars a year.
The median household income in the city of Hudson is about half of that.
During the Hudson Industrial Development Agency meeting earlier this week, representatives from the building’s management group, the Galvan Foundation, acknowledged that nearly half the Depot Lofts units are empty. They said the main obstacle to acquiring tenants is cash on hand.
Asked directly by Hudson Common Council President Margaret Morris if they’re considering lowering rents, Galvan reps declined to commit to price changes, saying it’s something they may explore in the future.
