Joe DownsCEO & Co-Founder, Belrose Storage Group. Founder, Storage Moguls.

The Waiting List That Means You Can Rise Rents

26 Mar 2026 · 1 min

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In this presentation, the speaker outlines a market‑selection framework for rental property investors that hinges on identifying locales where a year‑long waiting list for rentals exists. He explains that such waiting lists signal the ability to raise rents, be selective with tenants, and maintain full occupancy. The core tool he proposes is using HOA penetration rates and municipal ordinances as early‑stage indicators before committing resources to due‑diligence. He walks through the first step: researching the percentage of housing units governed by homeowners’ associations (HOAs) in a target market, noting that suburban areas can vary widely—from 40‑50% in some markets to under 10% in others—providing a quick filter for promising rental markets.

Chapters

When those 3 conditions align, you get your year-long waiting list. And a year-long waiting list tells you one thing: you can raise rents, you can be selective about tenants, and you can still be full. That's the market you want to operate in. So how do you use HOA density and municipal ordinances as a market selection tool before you spend a dollar on due diligence? I'm going to tell you. Step 1, look up your HOA penetration in your target market. What percentage of housing units are in an HOA-governed community? In sub— in some suburban markets it's 40 to 50%, in others it's under 10%.