When it comes to multi-family, supply and demand is an important factor for planning whether you have properties or are considering investing in an area. Creating opportunities for success in real estate needs plenty of research as much as needing for the numbers to work in your favor.
Your property doesn’t automatically attract more tenants because you have solid gold door knobs to enter the laundry room. Location and price are important, but not always reflective of the demand.
There is a lot to be said for keeping up with large employers, proposed development, zoning changes, and municipal actions. Anticipating events, projects, and changes can make a huge difference in profit potential. It starts with research.
The below linked article provides reasons for considering certain cities as good multi-family locations. Or does it?
Look at the #1 and #2 cities on their list. (I had nothing to do with this list.) Minneapolis is #1, based on the noteworthy increase in page views and saved searches over the previous year. However, Atlanta, at #2, showed a decline in views over the previous year even though the source of the list still claims there is demand.
To put it another way, if it were me or for a client of mine, I would not have Atlanta so high on the list. If you are looking to make a choice, it strongly helps to use the same basis for comparison. This list does not appear to be based on the same formula throughout.
Let’s work together to develop your own formula for continued success in real estate!
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