Assessing 'Rentability' of a Market
I’m currently assessing several markets within the Chicago metropolitan area, and am trying to identify the best way to measure ‘rentability’ of a particular area. By rentability, I’m referring to what makes an area attractive to a renter, and what about an area will attract quality renters. There are several data points that come to mind – population growth, employment, crime rate, % owner occupied, school ratings, and proximity to desirable amenities. My goal is to mitigate risk related to vacancy and everything that comes along with bad tenants.
What key metrics or data points do you look for when assessing an area as a viable option for rental property?