Rental Property Investor · Seattle, WA · Member since 2023 · 7 posts · 6 votes
I just got my first rental property and finished the rehab (yaay) and am about to list it. I was advised to have written tenant screening criteria. I compiled one as below and would love your feedback. Also as per WA state law landlords must list screening criteria. https://apps.leg.wa.gov/rcw/default.aspx?cite=59.18.257. Do you normally include detailed criteria (as below) or keep the listing criteria generic? I ask because I don't see many listings online that don't include much detail...and wondering if I should.
All 18+ applicants must complete the application and pay the application fee.
Credit score of 700+, No bills in collection.
Steady employment or other acceptable source of regular income for 3+ years.
Gross monthly income at least 3.5 times the monthly rental rate.
Monthly payment Debt-to-gross-income ratio no higher than 40%.
Positive landlord references
No evictions
Cash available for security deposit and first month’s rent
No Pets allowed
Sublease and sharing, airbnb not allowed,
Reusable tenant screening not allowed
Evidence of responsible character … i.e. reference letters, follows instructions, no lying, shows up on time, no major criminal record.
I think your criteria are a bit on the harsh side unless the property is on the low rent side and you have a few items on your list that might skirt the law. Criminal background is limited in what you can refuse. Note that you have limitations on deposits and move-in fees in Seattle. They can also split move-in cost into payments over 3 months in WA and 6 months in Seattle.
I would add that they have no outstanding balances with a prior landlord. If they owe them past due moneys, they will be willing to owe you too.