This is a question I hear all the time.
The sources I mention are by no means an all-inclusive list, what resources do you use when you are evaluating a market?
@Jennifer Slaughter I like several metrics such as:
- MSA Statistics like population growth, unemployment
-How landlord friendly the local government is
-United Vans Nation Movers Study https://www.unitedvanlines.com/contact-united/news...
-County and State politics on business growth - one of the reasons I love the Raleigh-Durham area is you not only have RTP (Giant research park), but you have multiple incubators getting new businesses off the ground, plus there are top tier universities and technical schools. Schools to me are important as companies like to move to or expand where they can find qualified talent.
-A diversified economy - areas that have a wide variety of big business. Where as towns that are essentially only there due to a military base worry me; because if that base closes, the town would die.
-Tourism - there are some areas of the country that will almost always stay busy, and have high demand for hotel/motel/airbnb due to it being a major tourist area.
@Andrew Kerr , thanks for sharing! These are great resources and you mentioned something critically important--an area being "landlord friendly". I have family and friends who are investors in CA and a couple of them have experienced the stress that comes from "professional tenants".
Right now one has a tenant who is squatting at her Airbnb and the tenant has been there for months--rent free. My friend is having to spend time and attorneys fees to get the situation figured out.
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