Luxury Apartment Complexes affect on Single Family Rentals

[Daniel Kent]

Hi All,  I have been researching a few areas that I believe will be good for Single Family Rentals (specifically in South Jersey).  I have been seeing a few areas that have (or will have) large "luxury" apartment complexes going up.  They seem to be mostly 1 and 2 bedroom units.  I think these complexes should increase the value and revitalize certain areas, but I am curious the effect it would have on Single Family Home Rentals.  Would these type of complexes make it more difficult to find tenants for Single Family Home rentals in the same area?  Or would it benefit it?  Would love to hear everyones thoughts!  Thank you in advance!