Vacancy in Prospect Park? How to find vacancy rates

[Mason Kimball]

Hey everyone!

Any local investors in Prospect Park that can share average vacancy rates in the area?

Also, generally, how do you all determine vacancy rates for your deal underwriting in a new area that you have no direct experience in?

I used NeighborhoodScout and got 9%. I am curious how accurate the site's data is though. I've noticed the average rents are often way off, so that has made me question the reliability of their other data.

Thanks everyone!

Mason

[John Knisely]

You can look at days on market for residential leases in MLS. The private landlord lease stats aren't well reported. Honestly though vacancy management in small properties is largely in the hands of the owner. I know guys that have outgoing tenants hand keys to the next tenant (0 vacancy) so really your vacancy factor would be more for turnovers with maintenance and rehab, every few years perhaps. Plenty of demand for rentals in Prospect Park with Boeing and the airport nearby, as well as regional rail access into Philly