Best practices in qualifying unrelated/Unmarried prospects
I have a really nice 2BR/1BA apartment in one side of a duplex that seems to be attracting a disproportionate qty of calls from prospects who are roommates/friends or a BF/GF and another friend. In almost all these cases none of the individuals qualify on their own under our 3x gross income guidelines but together they do. I have not had the best of luck with this arrangement in the past and wonder if it would be advisable/legal to have a different income standard when qualifying unrelated prospects vs a married couple. My property is a B+ property in a C area and it’s been difficult getting that better quality tenant due to being in the “CUT” as they say.
Any best practices in situations to limit my downside risk. I was thinking of just don’t MTM leases for these situations so I can evict quick if things turn south.
Most Popular Reply
I would not suggest you use one set of approval criteria for one 'type' of applicant that is in any way different from another 'type'. There's a word for that.
With any lease involving more than one signer, include the words "jointly and severally" in your lease, along with a plain-language explanation of what the terms mean: even if your co-tenant moves out, doesn't pay, causes damages, incurs violations or fines, etc, you are BOTH responsible.