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The rental market is getting  tougher to manage as homeownership has hit 70 percent and finding the right location and tenants at the right price takes hard work. Consumer Reports has an article that goes through the steps to own a profitable rental home. I found this excerpt on finding the ideal property that makes a great deal of sense.

The best rental properties usually are in neighborhoods where there are a lot of jobs or sufficient public transportation to take people to work, shopping areas, or entertainment venues. Ideal rental communities are often populated by either Gen X-ers just starting out in their careers or senior citizens, who prefer to avoid the effort and expense of owning a home. In addition, look for neighborhoods that are on the rise, particularly where the town is putting money into roads and recreational improvements and where people are taking care of their property by doing basic things like mowing the lawn, keeping the streets clean, and maintaining the exterior of their home.

“There is no substitute for walking the streets and talking to locals to see what is going on out there,” says Ilyce Glink, a real-estate and personal-finance author and radio personality who runs the Web site ThinkGlink.com. Glink, who has owned rental properties, recommends that prospective landlords visit police precinct houses to read crime reports and ask desk sergeants for their assessment of the area. Go to city hall and find out what public works, utility upgrades, and park projects are planned. And question shopkeepers about their experiences in the community. “It’s more important now than ever to do a thorough investigation because the talent pool of tenants has dried up,” adds Glink. “Home ownership is higher than 70 percent–a record–and finding areas with good, trustworthy tenants has become much more difficult.” via ConsumerReports.org

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