I am trying to look for good areas with good schools and relatively low crime, to buy and hold a SFH or townhome in Fayetteville/ Bentonville AR .
a) May I know if there are any places that generally popular where we have better chance of getting good quality tenants . Capital protection and higher tenant occupancy are what I am looking for .
b) I see rental vacancies + longer days properties are available on market (0 - 5 year old properties) on realtor.com . I am curious, if this is a short term dip in real estate activity or is it because of surplus construction and homes in the area, that could result in long term rental stagnation and price cuts as well.
A)I think "good quality tenants" is too much of a subjective term, but I think what you are looking for are any property that are 10 min from I49. We have a lack of supply with a vacancy rate of 1.5%. I am releasing one of my units right now in Fayetteville, and we have 5 applicants on the first day. Our old tenant is still in there are will move out by the end of the month. We will already have secured a tenant for the next month. Really, The answer to good quality tenants is: 1. a great marketing campaign (and at the right time) to get the most amount of applicants, and 2. a great vetting process to then chose the best tenant. I would suggest a 3 bed 2 bath rental if you want I longer term tenant with a higher demand probability. This is because most people want a 3 bed 2 bath.
b) The overall numbers that are provided in the Skyline Report published from the University of Arkansas says that there isn't a slow down right now. We are still in a deficit of supply. There isn't enough U of A housing to supply the whole freshman population coming in. If you can reference the data you are specifically seeing, then I can speak to that, however, all signs are still pointing to a health market.
A)I think "good quality tenants" is too much of a subjective term, but I think what you are looking for are any property that are 10 min from I49. We have a lack of supply with a vacancy rate of 1.5%. I am releasing one of my units right now in Fayetteville, and we have 5 applicants on the first day. Our old tenant is still in there are will move out by the end of the month. We will already have secured a tenant for the next month. Really, The answer to good quality tenants is: 1. a great marketing campaign (and at the right time) to get the most amount of applicants, and 2. a great vetting process to then chose the best tenant. I would suggest a 3 bed 2 bath rental if you want I longer term tenant with a higher demand probability. This is because most people want a 3 bed 2 bath.
b) The overall numbers that are provided in the Skyline Report published from the University of Arkansas says that there isn't a slow down right now. We are still in a deficit of supply. There isn't enough U of A housing to supply the whole freshman population coming in. If you can reference the data you are specifically seeing, then I can speak to that, however, all signs are still pointing to a health market.