Which tenants are the best kind of tenants?

8 Replies

Ive had the best luck with young professional or young professional students. They are trying to make the best for themselves and therefore tend to be more responsible and dependent. They also listen to authority figures still, well that's been my experience. 

@Mark Dutton . About to be divorced dad, high income but not high enough to buy a property because he has to pay child support, weekend only custody of 1 amazing kid that never causes damage and cleans his room non-stop, dad travels a lot so never causes any wear and tear, no pets, willing to pay a premium because he wants away from the evil woman asap, has probably owned his own home a while before so he fixes little problems and doesn't bother you. 

Ok, I've gone off the deep end here. In reality, I like the professional couple with reasonable income, but they also spend most of their money and cannot afford to buy a place on their own. They just go to work, do their thing, and continue to pay rent on time or early every single month, year after year. 

Now, what you should actually do. Set your criteria (income 3x to rent, 600 credit score, no evictions, no felonies, etc), take applications, and rent to the person that meets your minimum criteria. What you probably want is somebody like you. But, if they were like you, they'd be buying and not renting. 

Being new, please set your criteria or standards high and let people pass your qualifications. Don't pick and choose tenants that is where you get in trouble with fair housing laws etc. Any of those demographics could be great tenants you just have to set the parameters. 

The ones who are friendly, pay on time and don't cause problems. Case closed. 

A tenant who only stops in for one day a month. Upon stopping in they have a checklist they like to run through checking all areas for water leaks, smoke detectors and furnace filters. While there they dust, vacuum and mop. They like to pay just a little early because they are scared the mail might be late. One who can't believe how lucky they are to have your place at such a steal and looks forward to rent increases because they can deduct more from their taxes. They don't have any friends in the area so no visitors. They take their shoes off and wear cotton booties around. Every year they celebrate Landlord appreciation day and send you lottery tickets (But also think "Why is it only once a year" so they do it every 3 months). They love all their neighbors who in turn keep an eye on the property for them.

:)

I will rent to anyone who meets our qualifications of income, credit history, rental history and crminimal history.  If they meet these requirements, they will pay and care for the property as was verified by their history.

Single, married, short, tall, straight, gay, military, bartenders, any ethnic backgrounds and whatver else you can think of do not come into play in this decision. 

Originally posted by @Mark Dutton :

What is the best tenants to deal with?

I am new but I am looking for someone who is not going to be a problem most of the time.

... college students, families, singles, etc

Hi Mark,

It depends on your property class and location.

Turnover is a big expense, so trying to limit that is intelligent.

You want a renter(s) who you think will be long term renters and can pay the rent long term (and not damage the property).

Many people use a mix of credit scores, criminal record information, employment history, and past landlord referrals to try to limit their risk in this area.

It's also something that the US Government has a say in as far as what is considered housing discrimination, and it's intelligent to follow their guidelines as well.

Just my 2 cents.

 

@Mark Dutton what I found is it isn't always about the demographic. I'd recommend screening tenants to find the best fit for your property. Make an educated decision based on credit score, criminal history, and if they have ever been evicted before.