Market Research - Furnished Finder

[Daniel Hajduga]

Hi BP Community! 

I'm going to dive right in - I am doing my research and due diligence on my next investment. I plan on purchasing a multifamily in Essex County here in NJ where I plan to house hack and rent out the rest as an MTR. 

Here is the question - how can I better determine vacancy rates and demand? When looking at listings on FF, most do not seem to be booked far out if at all. The ones that are booked are mostly booked via Airbnb for a week or so. When searching, I leave dates blank so I can see as many available units in the area as possible.

My suspicion is either my approach is flawed, or that the demand is not very high in this market despite the numerous hospitals nearby. 

I have also reached out to some hosts in the area as suggested in "30 Day Stay" to see if they would be willing to share any insight. If I hear back from them, I will update you guys.

Any suggestions or feedback is greatly appreciated and please feel free to ask questions. Always happy to share insight and connect with fellow BP members!