What are good sources for analyzing markets in terms of number of rentals available, avg rents, time on the market, etc.....?
Hi Eric, the absolute best way I've found to analyze a new market is to strike up a conversation on the Facebook Marketplace. Look for apartments listed for rent in your target market, then simply message the seller. I've made some really great connections this way! In my opinion- speaking with 3 or 4 sellers in a market will paint the clearest picture possible.
-Side note* you will find owners who really struggle in certain markets while others seem to thrive. Ask the thriving investors why they think their units are doing so well. Some owners will cite their unit's proximity to a major attraction (university, hospital, corporate office etc...) others will explain how they are the only duplex around offering garage space. You never know what might make a property HOT in a particular market.
city-data.com might be a good source of information.
@Eric Eckman - great points by @Victor Steffen and @Mike Z. Once I find a potential acquisition, in a market I'm not familiar with, I start calling what is potential my competition. I'm acting as a potential tenant though, making sure I understand the full story. Does the rent include any utilities, etc?
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