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Do You Recognise The 7 Sets Of Statistics That Show What Areas To Invest In? Part 2
Population Growth
Obviously the more people live in an area the more they can support economic growth. Interestingly for the investor a large number of people who move to a new area rent for the first two years. During this time decisions are made whether to stay in the area and possibly buy. Many though continue to rent.
Spending on Infrastructure
Major capital expenditure on roads and public transit for example can increase property prices and rents. It is estimated that renters are prepared to pay an extra 10% if the property is located within 1km of a subway/train station. Check out provincial government web sites in the press statement/media section.
Retail Sales
High retail sales indicate an area is doing well economically.
Employment Growth
This is more relevant than the unemployment rate.One presumes that rising unemployment in an area means weaker economic conditions. However if simultaneously the area is experiencing high population growth then then a higher unemployment figure may not be so bad. The actual employment figure will reveal how many jobs are being created and indicate a strong economy. A rising population will not distort a rising employment figure.
Employment Make Up
Does the area have a future or is the population employed in declining industries. Viable industries will continue to provide employment. The 2006 Census can again provide valuable information.
Demographics
An investor has to know if the majority of the population is old or young. Do people work in the area or commute? Is the population aging. These facts along with other demographic statistics will determine if it is worth investing in an area and what type of property renters are looking for.
Average Income
It is as simple as the more money people earn the more they can afford to pay the rent.
Part 3 where to find these figures
Do You Recognise The 7 Sets Of Statistics That Show What Areas To Invest In? Part 1
Do You Recognise The 7 Sets Of Statistics That Show What Areas To Invest In? Part 3
[...] Part 2 Understanding these statistics. [...]