Landlords are inundated with advice and information about what to avoid in rental applicants, but what about finding the perfect tenant? This article offers a more positive spin on choosing quality tenants.
The perfect tenant – the following are the four characteristics of an ideal tenant:
1. Solid Income and Employment
Landlords own and rent property primarily for one reason: to make a profit. Successful rental businesses require reliable tenants who pay their rent on time regularly. One of the hallmarks of someone who will be able to accomplish this is an applicant for whom the monthly rent is one-third or less of their monthly income. Landlords should verify employment and income, taking care to ensure that it meets or exceeds this standard.
2. A Clean Record
The perfect tenant has no criminal record and no history of wrongdoing at the civil or federal level. One of the biggest red flags in rental applicants is a dishonest, negligent or violent past, and a criminal record can indicate one or more of these problems. It’s best to stick with tenants who do not have a criminal record, and a professional tenant screening service can help with determining if an applicant has any convictions or scrapes with the law.
3. No Past Evictions
The perfect tenant would also not have any past evictions. Past behavior is the strongest indicator of future behavior, and one of the biggest red flags for a rental applicant is having one or more evictions on their record. Calling previous landlords can assist in gaining insights about reliability as a renter, and a quality tenant screening service can also assist in gleaning this important information.
4. Good Credit
A good credit rating is another key marker when deciding who to take on as a tenant. Checking an applicant’s credit report can yield a wealth of useful information and insights about them. While it is up to the landlord to decide what is acceptable, renting to applicants with a credit score of 575 to 650 or higher is advisable. (Those who are renting out higher-end, more expensive properties may wish to require a higher minimum credit score.)
The perfect tenant has some key qualities that indicate reliability and trustworthiness; among them are verified income, a clean record, no evictions and a good credit rating. A professional tenant screening service can assist with verifying many of these important markers.