All Forum Posts by: Makan A Tabrizi

It is a stupid law. Landlords will approve someone earning 2x the rent, but they'll simply increase the deposit or charge a higher rent to offset the risk.

Yes, I would require a double deposit for a high-risk tenant. I do not use "last month's rent" because that may cause confusion, particularly if the Tenant decides to extend or renew.

@Andrea Ruiz, I don't base my decision making on the number of inquiries. You aren't a local WalMart trying to sell millions of dollars of products each week! You have exactly ONE product so you only need ONE good applicant. Yes, its always nice to get lots of responses because you feel there will be good applicants in there somewhere but if you get a few responses and 1 good applicant that is fine too.

So, I do biweekly open house showings. So, I will see how many people come and then apply. If I'm not getting applications the first week or so then I have to ask myself why or if after a few weeks I haven't gotten any acceptable applications I will ask why.

If you're in a large enough market with enough people, the most obvious issue will be price. Keep in mind market price rent is NOT the highest rent you see advertised for a comparable unit. Its the rent that will BOTH ATTRACT and KEEP a good tenant. Those things reduce your vacancy/turnover which are expensive. If you charge too much, it may sit vacant longer and turn over much more often and those expenses and lost income can far outweigh the extra rent you are charging.