I am looking to buy a MF property in Mount Vernon. The building has all studio units. What's the rental market like in Mount Vernon for studio apartments? Will there be enough renters or will the units be vacant for a long time?
Thanks in advance!
Ooh, I’m never a fan of all studios or even 1bdrm, I feel like those just result in more turn over and out in the burbs like that, I’d think there’s higher demand for more space and bedrooms. You can check with the sellers renters history though, as a prospective buyer you can ask for his rent rolls and rental history and see what his vacancy rate is/was. I’d also Check and see how many rentals are currently listed for the area (Zillow or FB marketplace). Another option if the 4plex is close to hospitals is to set them us as furnished rentals and do Short term (3+ month rentals where utilities are included but you get a higher premium). Best of luck to you! (Oh and if you do a search for vacancies in the city there is a site, I can’t remember if it’s city data that will tell you this basic stuff too)
Thanks Jennifer! 12 month rental history seems fine - all units were occupied and one became vacant towards the end of the year. I don't think they give rent rolls beyond 12 months?
There's hardly any rental inventory in Mt. Vernon. Currently, only three studio apartments are available. Not sure what the demand is like in Mt.Vernon, but such a low inventory can be a good thing right if demand is high enough?
@John Smith There is currently one unit vacant at that building (I thought I saw for rent on Zillow), but yes, there is more turnover with studios. Especially small ones like that in an old building with little insulation and probably lots of noice transfer. Shared laundry too? Usually that's not so desirable. We have a lot of units (2 & 3 bedroom apartments) in MV and have little trouble with vacancies right now. I just wouldn't want to own a building that is that old and has had that much reconstruction to convert to nine little units. Is it all insulated with updated electrical and plumbing? How is the sewer and water main? What type of heating and where are the water heaters located?
Where are you from? MV is a growing market!