Updated over 5 years ago on . Most recent reply
Multiple houses for rent in the same neighborhood- is that bad?
We are looking to purchase our first single family house to rent out. The house we want to make an offer on is ready to rent, but in scouting the neighborhood I noticed that there are multiple houses for rent already in that neighborhood. Is it a bad idea to purchase the house to rent out knowing there is already some competition out there?
Most Popular Reply
There will always be 'competition' because there is NEVER 100% occupancy in any area. You'll need to do your homework as to what are the vacant rentals asking for rent, and what are the filled units receiving in rent.
It's all about the deal--if you get a good enough price and terms to offer a better product at a slightly lower price (rent) you'll be fine.
Good luck.
PS: Do the homework--it will answer many of your questions and calm the first-deal jitters.