Concerns with new construction near rental prop?

[Nadir M.]

If an older building I am trying to purchase has newer construction in neighborhood ie brand new massive apartment complex, is this something I should be worried about or something that will help me or can use to my advantage? I feel like it may steal some tenants that may have been interested in renting my units...i feel like the only way to compete is to lower my monthly rent right or maybe doing some serious rehab? Any thoughts? Thank you,

[Bob Okenwa]

@Nadir M.

Competition brings out the best or eats you alive. You will need to adapt and remodel or set your rental prices accordingly. The market will ultimately set your prices for you, but you can get as close to that by doing your homework and taking the necessary steps to ensure you remain competitive. A rising tide will lift all boats, but you have to do work on your end to make sure your boat doesn't have any leaks.