Area mostly homeowners, does this make a difference when looking for investment prop?

[Mike Arias]

I am looking at an area where about the majority of homes (SFH) are owned not rented. Not sure if these numbers are accurate but about 83% owned/17% rented (according to Niche website). There are very few rentals in this area.

Does this make a major difference?  Is it good to look for properties for LTR in this area since competition is low?  Or will this be more difficult to rent? 

Thanks!