Question:
How do I find a vacancy rate for a particular neighborhood? I have found vacancy rates on city websites, but they don’t have it broken down by neighborhood?
-Student
Answer:
There are various ways to get vacancy rates both free and paid
1) Internet Resources Include:
Free:
www.rentbitz.com (info, not broken down) www.redfin.com (info, not broken down)
Paid:
www.loopnet.com
www.costar.com
www.grubb-ellis.com
www.marcusandmillichap.com
2) The best way to get free LOCAL information is basically doing what appraisers have done for years; it’s called a Rental Survey. This includes first calling your local newspaper for rental ads and calling on individual landlords and interviewing property managers that rent in your area and then driving your chosen neighborhoods, writing down information on rental signs and inquiring on the rental as if you were a tenant.
-TA