How to know if a location will attract renters?

3 Replies

Is a spot with a lot of rentals available considered a good spot?  OR is a spot with little/no rentals better because you don't have as much competition?  

The spot I'm looking at with little/no rentals available is only like 10-15 minutes from the spot with a lot of rentals.  I'm not sure if this would be considered "good" or if I should steer clear from areas that historically don't have a large amount of rentals available.  

Any other tips/suggestions on how to determine good rental locations in particular?  Any websites that you've found useful?  

I appreciate all help - Thank you!!!

It is all about people @Vincent DeAngelis . As an investor, you want to know who you serve and how to keep them happy so that they sign a lease stay a while. Is it an area where people want to be? Do you want to be there? Would you let your daughter live there? Park along the street and take it in. Then go to Rentometer.com and check out area rents.

@Vincent DeAngelis adding up in what @Kathy Henley said, you can check what the development projects in the city are in the near future. There might be an area that is not fully ready yet but maybe in 2 - 4 - 5 years will be. Depending how is your risk tolerance you can either pay it safe or risk a little more.