I have a pool of tenants inquiring to rent and one of them is a 71 yr old senior citizen. What are the pros / cons of renting to senior citizen? What do I need to ask besides the usual stuff like income proof? If anybody has success renting to senior citizen, please let me know the pros and cons. I am new to this. Pls advice. Thanks
A 71 yr old is probably not likely to throw too many loud parties or to stumble home drunk at 4AM. They may be more likely to have a fixed income, but fixed doesn't have to mean low. In fact if the tenant is getting regular social security, pension, or other payments they may be able to consistently pay their rent better than say a person working a seasonal job. Just do your screening like you would with anyone else.
Great post. Im actually dealing with a teneant now as we speak.
Well, you shouldn't be treating them any differently than any other prospective tenant. If you do, that's discrimination, and you could get sued for rejecting someone based on age.
Just screen them like any other prospective tenant (income, credit, rental history, etc.), and approve/disapprove based on that criteria.
Agree this is a protected class, so the pros and cons can't enter the decision. But a pro is that they don't like to move and normally have stable income. Cons are that they are more likely to die in the unit or otherwise complicate your life if they are alone.
I treat everyone equally always. I also run my rental as a business so I need to understand my risks.
The rent for this 71 yr old senior citizen is paid by his son. I have always rented to people who pay their actual rent, so this is a first. Also, if there is a mishap such he falls down or something, I do not want to be sued. Also as he is living alone with nobody to help, lets say they leave the stove lit and forget, i dont want the house to be burned down.
I have no idea about their health profile, can I ask for that. Also if the son stops paying rent, then for eviction, are there different rules for senior citizens, as I am in NJ.
Again, I always treat my tenants equally, but this is a business, so I need to understand the risks. Also if son is the guarantor for rent, do I need to do separate paperwork, or do both sign the lease?
pls advice, thank you
Age is a protected class, so I would ask the basic questions regarding # of occupants, income/credit questions and emergency contact information which would be based on your rental criteria. This senior should go through the same rental process/screening as any other prospective tenants.
I have 2 seniors renters both on fixed income. 1 has a live in home health aide who is listed on the lease as an occupant and takes care of the senior and pays his bills and runs his errands. She keeps the place very clean and so far the rent has always been paid on time, even early.
The other senior takes care of her paralyzed grandson, keeps the place clean, and I don't have any problems out of her either.
If you approved this prospective applicant, I would make sure and look up the landlord/tenant law for the area, in which the rental is located, and include a " deceased clause" so that the son and the senior knows what procedure in the event the tenant passes in your unit or during your tenancy.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing