Is there a way to see if alot of people are renting?

Question

My biggest fear with real estate investing is what if I can't find tenats? Is there something that tracks rent in that area, to see if it is in demand?

Carl Millsap · Answer

@Alex Clark the fear is understandable. There is a lot that goes into this business. I'm not sure what level you plan to invest at or where but think about this.

If you have 10 single family houses in a town with 5,000 people do you think you can find 10 people / families to rent. a house?

The key is to know your numbers, plan for worst case scenario.

If the place is vacant can you pay the mortgage yourself?

Are you disciplined enough to put the profit away so you can handle renovations, repairs, etc.?

For the most part everyone needs a place to stay. Look at realtor.com, Zillow etc to see what rents are for properties similar to what you want to buy.

Don't let the fear (False Evidence Appearing Real) keep you from pursuing this business.

Hope that helps

Nathan Harden · Answer

I look for population. No real way to see how many people are in the market for a rental. Just play the numbers. If there's 10 comparable for rent that are similar to your apartment but the area is known to be predominantly a rental area, then I wouldn't worry about it.

If you're looking to get a rental that's out in the middle of nowhere with minimal rentals on the market then I would steer clear.

Eric Gerakos · Answer

You don’t need to find “tenats” you just need tenants.

Logan Laperriere · Answer

You can use the Rent Estimator tool at the top of the page. It will give you a good idea of market rents in the area.

Theresa Harris · Answer

Look at vacancy rates.  Also think about what you buy.  Get something that is in good condition (or will be when the tenants move in) and that rents for the median rent price.

Jeremy Mendenhall · Answer

After you pick your population center to invest in, watch the rental listing sites really closely over a period of months. See what is listed and how long it is listed for until the listing disappears. Also, take note of price adjustments on those listings. This can give you an idea of what is realistic in your community.

Michael Paling · Answer

Try to see if you can find other local investors in that area. They can tell you what the local market is like and help you ease your fears, while also becoming a great asset to help you with all the other questions that will inevitably come up.

Is there a way to see if alot of people are renting?

Most Popular Reply