Keep Investing Despite 100 new Units?

[Alecia Loveless]

I live in a small New England community, there's probably 10,000 people within a 15 mile radius of my town. With about a 3-4 day notice you can find a decent apartment, probably a month for a really nice apartment as many owners have turned their units into STR.

Tonight in Facebook I saw a post regarding an old mill building close to one of my rentals that has been bought apparently and is going to be turned into 100 apartments during its phase 1 renovation. The post didn’t mention further phases but I’m assuming maybe some retail or commercial.

We don’t really have any “luxury” units up here but my units are top quality and I know some other investors do top of the line renovations too. The larger apartment complexes with 20+ units are all just average. The Facebook post didn’t indicate what these units would be but our economy likely wouldn’t support 100 expensive units when the average wage is about $14 an hour.

I’m curious if the investors out there would keep buying small multi family properties in this town knowing this development was coming online in the next two years, or look to a market in a different town, there’s a couple in the area.

I’ve got some leads in another town supported by another economy about 30 minutes away, or I could even look further.

Thanks for your thoughts!