How to determine if a market is rental saturated

[Pete Kirby]

Hi-

I was wondering what everyone's techniques to determine if a potential area has too many rentals?

I have yet to buy a property, but have my eye on some potential areas. I have started to compile a spreadsheet of rentals in each area noting asking rent, size, rooms etc. I know after a year or so this will paint a good picture, but for now my data is limited to, well what is for rent right now.

Can't help but feel there is an easier way?

Thanks for your input!