Does anyone know where to find up to date vacancy rates for specific areas of the country? Also, where to find up to date info on other types of real estate demographic information for specific areas.
Vacancy rates and demographics can be found here. http://www.census.gov/ I would try the local chamber of commerce.
But you won’t have any vacancy. You will get on your properties as soon as they go empty do the make ready in 1 to 2 weeks and have it leased in the 4th week at least. Your vacancy should never be more than a month or so.
If you have a month’s vacancy (4 weeks) per year, you have an 8 - 8-1/2% vacancy rate!!!
Keith
The reason why I am curious to see vacancy rates is because I am from the Detroit surrounding area and wish to begin investing there. I would like all the information I can get my hands on before I take the plunge because that market is the way it is. Do have any suggestions for investing in cities like Detroit?
From what I hear about Detroit, the larger problem is unemployment and population decline. I get the feeling you’d be in competition with a lot of other landlords. You’d be in a good position to pick up some good deals if you can find a way to keep your vacancies in line. If the typical vanacy rate 10%, I wonder if increasing it to 15 or 20% would help to offset that. Actually, that gives me an idea for a new topic! Good luck. :beer
I was also thinking that especially now with prices dropping to dramatic lows, I’d be in a competitive advantage over the existing landlords being able to offer below market rents in decent neighbourhoods since the purchase price would be so low. Also, it appears that smaller investors are somewhat apprehensive to start investing in Detroit because of the state of the city and market, which might also be another opportunity for a contrarian investor to take advantage of…opinions?