C-Class Properties & Resident Screening

2 Replies

We have 3 or 4 units that are in areas that I would call C-Class. I obviously prefer and primarily work in nicer neighborhoods but we have a few properties in Fringe areas. 

Our typical criteria is 3x our rent, no evictions, and no felonies. With our potential tenant pool we are weeding out a TON of applicants. 

I'm curious what you guys are looking for in C-Area residents? 

We're looking for long/positive rental history and solid income. I'm more likely to be flexible on legal issues that don't involve an eviction.

Ryan - That's a really good question.  I have generally found that with lower-end properties the security deposit becomes a highly important part of the equation.

A 'hybrid' option may be to create a deposit adder for each of the criteria that the tenant does not meet.  (Ex. $500 for only 2.5x rent and $1k for an eviction)

You may still screen out a lot of folks this way, but the folks you keep will have more skin in the game.

@Doug Utberg Great thoughts. We have discussed charging a higher SD for criminal issues and only auto rejecting for evictions less than 5 years old.