Last summer, real-estate developer Redburn Development received 2,000 showing requests for just 93 units at its latest redevelopment project, the Kenmore Apartments, an 1878 Victorian building located in Albany, New York.

The building opened in fall 2020, and the rate of initial inquiries were more than double the requests for other newly available properties pre-pandemic, Jeff Buell, principal at Redburn Development, told Insider. He added that a lot of the building's interest was fueled by New York City residents looking to relocate.

Since the pandemic began, the Capital Region — Albany and its surrounding area — has seen a 214% increase in the number of people coming to the region from NYC, local newspaper Times Union recently reported.

"Mid-summer, we saw an influx of people looking to escape the New York City mentality," Buell said. "We had people move here from 'down state' after renting an apartment sight unseen."

Property in the Capital Region has been selling faster than homes are being put on the market, creating a deficit of available homes, according to commercial real-estate agent Tracy Metzger. Bidding wars are resulting in buyers offering $20,000 to $40,000 above asking price.

Dom and Anne Alcocer were among the couples who left the city amid the pandemic. Anne was offered a promotion not long after the lockdown took effect in March, and the position required relocation.

The couple could have moved to one of four upstate cities, they told Insider, but Albany topped the list.

"The Capital Region offered so many of the things we had gotten used to as far as the lifestyle in NYC," Dom said. "We have a symphony orchestra a couple of blocks away. There are professional sports, music, nightlife, museums, history, and theater. For folks like us in our early 40s, that was half the equation — not missing out on the options. Even though the pandemic hit hard everywhere, Albany is coming back to life and we're excited to be a part of it."

Albany is home to the Valley Cats baseball team, Adirondack Thunder hockey team, Albany Patroons basketball team, and the Premier Lacrosse League. Major concert venues include the historic Troy City Music Hall, Proctors Theatre, and Palace Theatres, which have hosted shows on par with NYC's Broadway theatre district.

Museums like the Albany Institute of History & Art, the New York State Museum, and the National Museum of Racing and Hall of Fame offer a glimpse at past and current history. The region also has 10 state parks, six ski resorts, three gambling venues, over 100 breweries, distilleries, wineries, cideries, and meaderies, and 41 museums.

With more than 20 colleges and universities in the area, it's also a hub for medicine and tech careers. The average salary of a worker in Albany is $66,000, according to Payscale, with job opportunities ranging from life sciences to software development to AI and clean energy.

Several major companies have headquarters in the region, including semiconductor manufacturer Global Foundries and Regeneron, the pharmaceutical company behind the COVID-19 antibody treatment given to former President Donald Trump.

Insider identified Albany as one of the best northeast cities to live in after the coronavirus outbreak, while others have ranked it among the best cities for middle-class families. The majority of new residents to the area have come from the five boroughs, but those looking to get out of other cities also came from Boston, Massachusetts, and New Jersey, according to data from the Center for Economic Growth (CEG).

"The Capital Region is an upstate NY community of thriving, culturally rich, and architecturally stunning downtowns," Katie Newcomb, chief economic development officer for the CEG, told Insider. "It is set against the backdrop of bucolic towns and villages, surrounded by some of the nation's most beautiful parks and mountains, all while easily getting to internationally recognized cities."

The Capital Region encompasses 1.1 million people across eight counties and three cities.

The key difference between the five boroughs and the capitol is density — Albany and its surrounding area spans 6,000 square miles, compared to NYC's 300 square miles and 8.62 million residents. Albany follows the banks of the Hudson River, the 315-mile river that flows from the Adirondack Mountains south to the Atlantic Ocean.

"It has been so nice to be able to golf, bike, or camp at a moment's notice without spending an hour just to get to the George Washington Bridge," Dom said. "In the nice weather, we run along the river."

Connectivity is also an attractive benefit for Capital Region residents. In about three-hours travel, residents can reach Montreal, Boston, and New York City. 57% of Redburn Development tenants who responded to a company survey listed the location as the most important attribute.

"In the Capital Region, it feels like you're in a big city, but it doesn't play like a big city," Buell said. "Even when I'm in Troy, the densest city in the region, I never feel like anybody is on top of me. Our major cities are walkable and still play like small towns."

Even though the median sale price of homes jumped to $355,000 in early 2021, compared to $295,000 a year prior, families moving from Long Island, Brooklyn, Queens, and Manhattan are getting far more bang for their buck.

"Buyers can get a 1,800- to 2,500-square-foot house for $325,000. They can't get that in the city," Cathy Cooley, a real-estate agent with Howard Hanna, told Insider. "The price points are still so reasonable for a fabulous, mid-sized city. People living in a $1 million NYC apartment have come up here and bought a 3,000-square-foot home for $500,000."

The Alcocers have a motto: "Twice the space for half the price." Their two-bedroom, two-bathroom apartment in downtown Albany, which is close to 1,200 square feet, costs 54% less than their rent for a 753-square-foot Manhattan home on the Upper East Side. The Kenmore Apartments start at $895 a month for a studio, with several size options available up to their largest unit — a three-bed, two-and-a-half bath listed for $3,650 a month.

"It gives us peace of mind that we can increase the amount we are putting into savings," Dom said. "There is satisfaction in being able to enjoy more today while knowing that living here is enabling us to be more confident tomorrow."

Metzger said a big selling point for the area is its livability, and continued growth in the medical and educational sector has made it attractive because of the number of well-paying job opportunities.

It's possible to go from the city of Albany to historic Saratoga in a half-hour, and the area is a gateway to the Adirondack Mountains. Interstate 87, a 334-mile-long highway that connects New York City and Montreal, serves as the main commuter route that connects Albany to the suburbs. Traffic can be heavy at times, but it's manageable, Metzger said.

"It is nothing compared to what people face in California, and people like knowing they can get from Albany to other areas in the Capital Region in 20 to 30 minutes," Metzger added.

Cooley said pools, or space for a pool installation, were top priorities among homebuyers, a trend she anticipates will continue into 2021.

"It almost became a joke," she said. "But because people were staying home, they wanted to be outside and enjoy it."