Wondering if anyone has any insight into the rental market in Woonsocket, RI. Any considerations for having buy and holds there?
Yes @Jason Benda-Joubert I have a few units there.
The major consideration is, I hope you like Section 8 / similar assistance programs (such as RI Housing vouchers).
If you're OK with them and their requirements, Woonsocket is a great place to be. If not, I'd recommend looking elsewhere.
Yes, I do own several there. Many of your applicants will be subsidized. I have been able to fill all of my units with non subsidized tenants though and have had a great experience there. The tenant selection process is a bit more involved to weed through the less desirables, but it can be done.
@Anthony Thompson , Thanks for the quick response. This is helpful. We are trying to better understand different markets in RI as we build a plan to expand our holding from South County.
@Brandon Ingegneri , Application due diligence is a must. Our experience has been based around application fees and background checks. It sounds like our current process would have to change for areas like this. I will reach out via PM as I would like have options for property management and local knowledge of neighborhoods should we enter this space. Thank you, this has been very helpful.
@Jason Benda-Joubert I don't know that your current process has to change for Woonsocket, but you might just have to accept that it will take a little longer to find a tenant.
I would rather see you have to wait an extra 2-3 weeks to find a good tenant than lower your standards or change your process and end up with a "less desirable" tenant, as Brandon mentioned.