I’ve done some investigating around rental occupancy in various towns, which includes looking on the Internet, asking the local council and asking agents.
All the Internet information I’ve found is at least three years old and some councils say they have no data on renting. Does anyone know of any good Internet sites or any other ways to obtain accurate figures on rental occupancy. (I’m hesitant to take the agents at their word).
Thanks.
GailI’m fairly sure that if you do a search on the forum you will find something along those lines. I seem to recall something similar a while ago
Good luck
“Looking forward to the day when I can tell the boss where to go”
I tend to think that most stats sites on the internet can’t be beleived unless there credible places like the government statistic buro. Generally the info on real estate site is way out of date and also most places i have seen the question i ask them is how often do you update the site and i say is it one month or two months(though this may be for just properties for sale) it indicates how they run the other things as well. And generally as a whole they dont update for a months or two. Some say every day but i tend not to beleive them. But if you actauly ask the person at the counter they should be able to show you the list of tenants they have and how many vaccantcies will be in the list of vaccancies they have advertised to rent at the moment. So if they have 100 rentals and 6 rental on the market advertised to rent out (so therefore there vaccant) then you will know they (that office) has a vacantcy rate currently of 6 %. That’s all a vaccantcy rate is. So this is what you need to find out, preferably in person and you actauly see the paper work that demonstrates this rather then word of mouth. It’s something that varying all the time though.
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Online Positive Cashflow Financial Analysis Calculator.Hi Gail
i think the best way is to ask as many property managers in a town. I always ask how many properties do they have vacant at the moment and if they are vacant why are they vacant and how long have they been vacant for. I deal with a lot of property managers and i find them to be very honest with there side of the market.
I suppose you can always ring up as if you are a potential tenant to find out how many vacant homes there are, but i like the honest approach and find it usually works.
Statistics are useful but the professional property manager is a wealth of valuable information, make them your friend.regards westan
Hi Gail,
PMs are the best source of information about rental market conditions in the area of your research. They know the market in detail and will, when you develop a relationship with them, let you know exactly what is happening and what local needs are etc.
If you are unsure about the validity of their comments you can always cross reference their comments with other PMs in the area – assuming there is more than one agent in town.
Government statistics are delayed too much and as such are really out of date when they hit the streets.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
I might be thinking on a different angle to this, sure you say don’t invest in a town that more then 7 or 10% vacantcy rate.
But why not try your skils at luring one of those, 90 -93% who are renting, but might like a change given the right insentives.
I could let a flat lay vacant for twelve months if i wanted to, in 100% vacancy town. Then in 90% vacantcy town go out and get someone, so going beyond the normal just ads in real estates. You could ask someone in the supermarket if they were looking for a nice place to live, when getting petrol, walking the streets, in shops, or anywhere. So you get a tenant yourself instead of relying on the Eeal Estate Agency. I think you could beat 10- 20% vacancy, because there is then 80-90% of people renting willing to rent, it’s a matter of marketing yourself and your properies to get them people!
Just some thought I had. May be wrong let me know if they are [blink]!
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