Understand Your Area Series: What is the Demand for Rental Units?

Lamar Hunt, Jr. asks one question:  “Are people renting homes in this area?”  It’s a simple yet vital question that any real estate investor should ask before he or she jumps into an area.  As the Founder/Managing Partner of Loretto Propeties, LLC., Lamar Hunt believes that while focusing on a target area is critical to any investor’s success in real estate, the first task to be accomplished is running a report on how many homes have been rented out.  “This report should be broken down into three parts:  a six month window, a one year window and a two year window.  Then, look for trends to see if the rentals have increased or decreased in the last six months….one year….and two years.”  This data, Mr. Hunt believes, shows a realistic view of the rental market in a target area.  Please check out the blog at http://lorettoproperties.com/ for more good information in this continuing series.  Of course, you can also call 913-236-2902 if you have property to sell.