Fort Lee, NJ · Member since 2013 · 27 posts · 4 votes
Hello,
I am currently in the process of finding a tenant for my home. We have had one month vacancy while searching for a new tenant, so I am looking to fill the home as soon as possible. A tenant who is interested in the property is offering $200 below my asking price, and his credit is not that great. However, his brother, who will NOT be living in the home, will be a cosigner on the lease, and his credit is good. Although they are offering a lower price than I asked for, should I wait to find a tenant and have another month of vacancy, or should I rent to this tenant who seems somewhat risky for a lower price? Any input would be of great help. Thanks!
St Thomas, Ontario · Member since 2013 · 575 posts · 408 votes
10y
@Ryan Cheung I think this is for the best. Tenants needing cosigners are in general bad news. Tenants needing cosigners and in search of rent discounts are worse. If nothing else it is a sign that they think they cannot pay the rent you are asking. You are right to send them on their way. Increase your advertising and review the condition of your unit. If you rented it before for $3,200 that does suggest your price is feasible.
North Riverside, IL · Member since 2015 · 77 posts · 21 votes
10y
I think if you're unsure about the tenant I'd ask for a slightly higher deposit, and also maybe suggest to them signing a short 3 month "trial lease".. This way you'll have time to really evaluate them and see how they operate, if they're good, extend the lease to a full year.. Sure, you'll be out a few hundred a month renting to him but it's better than sitting vacant.. You can also tell him after the three months that you're increasing the rent slightly and if he doesn't want to stay - See Ya! If he's serious about living there and he's paying on time he shouldn't have an issue paying $50-$75 more a month and that'll cut down your losses a little bit as well..
San Jose, CA · Member since 2015 · 4k+ posts · 3k+ votes
10y
I wanted to add a comment about applicants asking for a rent discount. Sometimes it's cultural, and doesn't mean they can't pay a higher rent. In some cultures, it's not only normal, but expected to dicker over everything, including rent.
So, just keep that in mind. After someone has been in this country for a while, they "may" learn that everything is not negotiable - but they'll probably always try :-)
So, that alone, is not an indicator of an inability to pay rent or that they will be a bad tenant. They will always try and negotiate things out of you, though, LOL, which can be tiring if you're not sure of yourself. The trick is in nicely and consistently knowing and explaining that your answer is "no."
Fort Lee, NJ · Member since 2013 · 27 posts · 4 votes
10y
I denied the tenant and lowered the price, and immediately the following day my agent showed the house to another family who is willing to pay the $3000 asking price. They also have two small children and are looking to stay long term, and are able to move in on August 1st, so we will not have another month of vacancy! Thanks everyone for all the great advice!!