Renters: Supply and Demand metric

[Sean Rooks]

Hello all, A little bit of background. I am currently own 1 door that I manage myself. Looking to do my next deal in 2018 in the Hampton Roads area. One question I have is: Does anyone have a metric they use for renter supply vs. demand? I had no problem renting my other home at fair market rent. However one thing that seems to get tanked for granted in almost all REI, is that the property will be rented given: a price are at fair market rent value, and within the time frame that the saving 5% of rent for vacancy accounts for. I imagine there is some metric I could use to map an area and get a feel for how many renters are looking for a home vs. rental homes available. I just don't know what that metric is or where to find it. Anyone have a strategy for this or a solution to the problem of acquiring a rental property in an area or time of low demand? Thanks a ton!