Data-Driven Rental Market Analysis - Neighborhood NOT IMPORTANT!?

[Carlo Michelotti]

I wanted to share this Zillow research I found while seeking a more data-driven approach to evaluating local rental markets...

I was surprised to find "In my preferred neighborhood" didn't even make the top ten factors that renters consider!

Here are some ideas of how to turn these research findings into an effective strategy for evaluating that location, location, location:

"Is within my budget"

•  Avoid high-end properties in your buying strategy... Average renters make $37.5 K, meaning that half of all renters can't afford more than $937.50/month. Most Important Concern!

"In a safe neighborhood"

• Target ONLY low-crime areas. Extremely important to renters!

"Close to job/school"

• Average Commute Time is a good metric for this one. Trulia's commuter maps, WNYC commute times map, and WalkScore.com for downtown areas are all good resources that I've found.
• Quality of schools and local "anchor" companies also plays into this one... but safety and cost are still 2x and 3x more important (respectively) to the average renter.

Check out this Zillow research link for more research findings.