Hello, I'm asking about the Olympia/Thurston county area. What minimum credit score should I honor? And what's the best way to determine how to price your property for rent?
Realtor · Bellevue, WA · Member since 2019 · 882 posts · 1k+ votes
4y
@Matthew Netwon, you can check rentometer to check on the rental value. Free acount gives you the average, median, 25th percentile, and 75th percentile of the last 12 months. The paid account gives you this data for the past 3 months, which is more accurate. I have a paid account if you need help!
Real Estate Agent · Miramar Beach, FL · Member since 2016 · 285 posts · 245 votes
4y
@Matthew Netwon I would be more cautious renting to someone under a 650. I know there are many great tenants with low credit scores, but it's all about the risk you want to assume. When you run their credit, you should also be able to get your hands on an eviction history report - this is important to look at as well.
As far as how to price, look at comparable homes/apartments in your area and get an idea of what they are renting for. Stack your property up next to them in terms of quality, location, size, etc, and go from there. The market will let you know if you're priced right too. For example, if you don't get much interest the first week or so of advertising, you're probably priced too high.
@Matthew Netwon IMHO, it's most important that they don't have any evictions, vehicle repossession, bankruptcy....that they do have verifiable income that they have been working for that company and/or in that field for several years or more.
as @Marshall Leipprandt said, you should do rent comparables to determine a good starting point and then if you do/don't get enough calls, adjust accordingly.
Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
4y
@Matthew Netwon welcome to BP! I have found rentometer.com to be the most accurate and easiest to use for establishing rents. Credit score etc has a lot to do with what you are looking for. I rent better class duplexes in Tumwater and don't go below 700. I have upped all my basic requirements more recently. I respect my tenants and want them to honor their obligations.
I find it frightening that you're asking such novice questions when you're in what may
be the most anti-landlord area of the country. I would up that credit score to 750.
If you get a lousy tenant in Tacoma you will really be sorry, because you can't get rid of him.
4x income to rent ratio, each applicant. If it takes you forever to get a tenant so be it.
Join a landlord association and fully educate yourself to the horror of WA state and its cities. Or set up shop in a more friendly state. Idaho, Montana, etc.
You can make it in Tacoma, but beware my friend.
To answer your question, look at Zillow, they are pretty close on sale values,
and their rental values I would up 25% for your area.
Realtor · Bellevue, WA · Member since 2019 · 882 posts · 1k+ votes
4y
@Matthew Netwon, you can check rentometer to check on the rental value. Free acount gives you the average, median, 25th percentile, and 75th percentile of the last 12 months. The paid account gives you this data for the past 3 months, which is more accurate. I have a paid account if you need help!
@Matthew Netwon, you can check rentometer to check on the rental value. Free acount gives you the average, median, 25th percentile, and 75th percentile of the last 12 months. The paid account gives you this data for the past 3 months, which is more accurate. I have a paid account if you need help!
Thanks so much, Sherief! I've sent you an email to the address in your signature about this. I appreciate your support.
Developer · New Brunswick, NJ · Member since 2015 · 1k+ posts · 2k+ votes
4y
Some of these replies are absolute looney tunes. 700 credit? 4x rent? They're renting, not qualifying for a jumbo loan mortgage.
OP to answer your question, there shouldn't really be a minimum score. No two scores are alike. We just rejected someone at 616 but accepted a 554. Read the reports. Sub 600 isn't good but it's not a deal breaker. I see people all the time sub 600 and it's because they never had credit and just opened an account, went through a divorce, couldn't pay medical bills, etc.
Real Estate Agent · Boise, ID · Member since 2018 · 119 posts · 70 votes
4y
We usually say 650, but do a background and credit check to get the full story and have made exceptions from time to time. It also depends on the type of property you are renting. We tend to stick to newer, higher end properties so it's not as hard to find those 650+ tenants, but you may need to lower that expectation based on the product type you are trying to rent. Know your market! Good luck!