When looking at investing in rental properties, one of the most important factors to consider is average vacancy. This is a term that denotes the percentage of the year that a property will sit vacant with no tenants, a vital calculation that must be considered when looking at the best locations for a property.
At Americas Housing Alliance, we’re here to help with this and other investment property services. Buying in an area with a high vacancy rate means you’ll see more vacancies – one of the most costly expenses out there for a landlord. Here are a few tips for different approaches to find accurate, useful vacancy records.
The US Census Bureau is one of the best possible resources for items like these. It tracks vacancy rates with data points throughout many areas of the country, including each of the 75 largest markets in the nation. This data tends to be raw – you’ll often have to download info to a spreadsheet to analyze it. Also be aware that this data doesn’t dig into specific neighborhoods – this can have a large effect on vacancy rates in many cases.
If the location you’re looking at uses real estate agents for filling vacant units, these can be great resources as well. You may have to call in a favor, but you can ask for a comparative analysis on local rental properties. With this info, you can find out how long properties have been vacant, how long they sat before being rented, original list prices and more. This kind of data is why having a company like Americas Housing Alliance in your corner can be so beneficial.
Finally, often the best approach to finding accurate vacancy rates is by speaking to local property managers or large landlords in the area. Most of these folks will know these numbers off the top of their heads, and will be knowledgeable on any big recent changes to vacancy rates. They can delve into the specifics of neighborhoods in many cases, along with several other locational nuances.
For more on vacancy rates, or to find out about any of our other investment property services, speak to the experts at Americas Housing Alliance today.