What factors to focus on when analyzing a market for rentals?
Hey all, I'm doing an analysis on different markets in the US to figure out which ones would be best to buy and rent out a 4/5 bedroom property. My plan would be to rent out the rooms but I'm struggling to pinpoint which numbers/stats I should be focusing on in a market to figure out the bigger picture supply and demand. I don't need much help with the "micro" a.k.a cashflow analysis, but more the macro bigger picture to see if a market is worth it to enter
Specifically:
#1 What factors do you use to analyze or determine the # of units that are in my criteria
#2 What factors do you use to determine the larger demand from potential tenants interested
Essentially what factors or KPIs do you use to determine the right balance of demand and supply within a given market?
Any advice would be appreciated!