Indeed, where your park is located is the one thing you cannot change about it. I will divide this into two parts; today we will focus on the Geography and population of the park, next time we will look at the economic drivers in the area in which the park is located. It is important to confirm that where the park is located is an area that people want to live in; as well as using information to make our best predictions that this will continue in the future. While this list is not all encompassing, it has served us well and will hopefully provide you with some useful information to start -
Population Trend - a simple online search for ‘population trend’ or ‘population growth’ in your selected area will give you a pretty good idea as to trends in the area. Positive growth over a number of years (ten or more is nice) is of course the preferred. Maintaining population is also reasonable, though total size (maintaining population in a town of 4,000 people is different than maintaining in a city of 125,000 people) should be taken into account. Additionally, employment options (diversity & stability of employment) should also be strongly weighed to gauge if this population growth has a good chance to continue, or is one event away from people fleeing the area for greener pastures.
Meropolitan Statistical Area (MSA) - of at least 250,000 people. An MSA consists of a city of at least 50,000 people and includes the communities in the region surrounding it; typically made up of several smaller cities and towns. This is important not only to have an adequate tenant base to draw from, but also ensures economic stability and (hopefully) a variety of employers. An MSA of 250,000 or more should also provide the necessary vendors to address your needs as park owner; especially in emergency or when 24-hour availability is needed.
In sum, finding an area where people want to live, as supported by a positive population growth trend, as well as an MSA of greater than 250,000, are both positive signs for your prospective park. Next time, we will examine the economic drivers in your market.
