Hello, I never owned a property before, but looking into Mobile home parks, and have a question about vacancy rates of the city the MHP is in.
Does the City Vacancy Rate affect whether or not you want to purchase the MHP?
When I look at properties that are not MHP, I learned that it is better to look at the city vacancy rate, the higher the rate, the harder to have the property filled with tenants.
Would the same rule apply to MHP too?
Thank you.
If you see the vacancy is higher than the national average by a couple % you will need to be that much more aware when accessing your deal.
This can also hurt your chance of selling.
There can be correlations, but sometimes skewed based on cities that are near vacation homes or other factors.
A better measure is the vacant for rent metric, and you can confirm with a simple test ad on Craigslist, postlets, traditional newspaper, and bandit signs to get a full view how challenging it could be.
Thank you for your reply.
It’s good to know that city vacancy rates do count.
I see, I guess it is more practical to actually see if you can get responses to the ads.
Thank you for your reply.