It’s never easy to tell if someone will be a good tenant. However, landlords and property managers prefer them because they make fewer headaches. As a landlord, you are would be interested to know if:
- Will they be able to pay the rent?
- Are they going to take care of the unit?
- Will they be a good neighbor?
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Unless you are a psychic, it’s impossible to answer these questions simply by looking at your potential tenants. Avoid making assumptions as this could only get you into trouble or lose potentially good tenants. The best practice is to set your own standards, and then follow them to get the answers.
Income to Rate Issue – You can use the income as a determining factor in accepting tenants. Say, the income should be at least three times that of the monthly rental amount. Income sources can be any of the following: child support, social security, employment, VA benefits, and so forth. You have the right to ask documents to support that they come in regularly, but not for the income coming from employment.
Are They Paying Their Bills? – You can do this by asking for a credit report. Set your own standards as to what score you think is good or bad. Alternatively, you can use their previous rental ratings when deciding. The key is to write down your standards and stick to them.
Previous Rental History – You can obtain this information from their previous landlords. Decide what factors are acceptable to you or not, such as no three late payments within a year or complaints of noises from the neighbors.
Good tenants come in different sizes, shapes, and forms and may be extremely different from you.
What Not To Look At
Following are the characteristics of your tenants that should not be used or influence your rental decisions or in considering which property available to them.
- Race
- Color
- National origin
- Religion (or lack of religion)
- Sex (gender)
- Presence of children under 18 years old
- Disability
- Elderliness
It is a violation of the law against discrimination and classes, which means that regardless of race, religion, or sex, as long as they qualify from your requirements, they can be admitted. It is therefore illegal to advertise your property as “Adult’s Only” or “Catholic gentleman preferred” because this would discriminate the women and children.
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