Better to invest in a city with high or low renter percentage?

[Boris Grushin]

From an investor perspective is it better to buy a single family or small multifamily (4 and under) in a city with a high renter percentage of the population or a lower percentage? How low is too low where there isn't demand? Is 38% population being renters good because there is likely not as much supply, or will we have more vacancies because there aren't as many people looking as often.

Sorry if this sounds silly but we're just starting to look at where we want to invest and are trying to make sure we are thinking about things in the right way.

Thanks