That might not be the best title for this question. I work for a large utility company and have been involved in a couple of facilities that were being built/commissioned. I have noticed during these large construction projects rent in the area skyrockets and nearly every rental is full, however this is only temporary (2 to 3 years). I’ve seen this where I’ve lived in Ohio, Virginia, and now Maryland. Back then I wasn’t involved in real estate at all but now that I am I wonder if that’s a opportunity I should take advantage of or steer clear of. Anyone out there that has been involved in such a market? And what was your experience?
Thanks in advance,
An Ambitious Newbie
@Bryan DeSellem REI can be a great way to generate long-term wealth, but you should know the risks. I am not sure of your area but if you are in the middle of nowhere Ohio that has a single employer, they will drive the market. If GE outsources its factory work out of the small town, prices could drop significantly. Vise Versa if GE moves a factory into a small town like the one you might be referring to, prices could soar. Again this may not be your situation but something to think about.
Thanks for the advice Remington. I see this opportunity in several locations and when the projects kick off they brings in several hundred contractors. While their companies pay them per diem which allows you to charge higher rent the contractors also notoriously damage the property they stay in.