How to determine if a market is ideal for renters?

4 Replies

Hey Robert, 

I would look at how many renters are currently in the area. If no one is a renter, or very few, then it's probably not a solid rental area.

What class properties are you purchasing? 

Originally posted by @Cameron Tope :

Hey Robert, 

I would look at how many renters are currently in the area. If no one is a renter, or very few, then it's probably not a solid rental area.

What class properties are you purchasing? 

Cameron, I guess that's where I'm a bit confused - what database do you use to determine how many renters are in an area? 

 

Responding to follow this thread as I would love to hear more about this same topic. 

I've heard https://www.rentometer.com/ a few times on the BP podcasts, although I will say that the estimated rent for my current property is about $200 higher than the range it gave me. It's difficult to know it's accuracy but it is data so that's a start! 

Originally posted by @Robert DiMenna :
Originally posted by @Cameron Tope:

Hey Robert, 

I would look at how many renters are currently in the area. If no one is a renter, or very few, then it's probably not a solid rental area.

What class properties are you purchasing? 

Cameron, I guess that's where I'm a bit confused - what database do you use to determine how many renters are in an area? 

 

I would use the MLS. If you don't have access, have an agent friend pull how many leases were in the area over the past 18 months.