Certain tenants are making your life as a landlord a breeze while others make your life a living nightmare. Taking the time to choose the right tenant for your property can help protect your investment.
Here are some tips for placing a tenant in your rental.
1. Adhere to the Federal Fair Housing Rules
Your desire to find the right tenant for your apartments for rent does not make you exempt from adhering to the Federal Fair Housing Act.
You must always follow these rules so you are not accused of discrimination. In short, you cannot discriminate based on:
- National origin
- Sex (Male or female)
- Familial status (families with children)
2. Choose a Tenant with Good Credit
You want to look for a tenant who is financially responsible. If they are responsible with paying their bills, they will most likely pay their rent on time. Be responsible with your apartments as your home. This is a two-step process:
- ü Verify Their Income
- ü Ask for copies of their pay stubs
- ü Run a Credit Check
- üCheck their income/debt ratio.
3. Perform a Criminal Background Check
Criminal information is public record so you can be viewed at various court or police station. This check is turn up both serious and minor offences. To run one, you are needed the tenant’s name and date of birth. You must check a valid ID to verify that they are who they say they are.
There is nationwide database of criminal records, so it may not be hard to uncover the tenant’s full story. It may be best to hire a reputable tenant screening this check. It can often be combined with for a fee of course, the credit check.
4. Consider the Tenant's Rental History
If it is possible you should talk to at least two of the tenant's previous landlords. If the tenants were a culprit, the current landlord may not be as truthful as they may just want to get the tenant off of their hands.
Questions you should ask:
- Did they pay their rent on time?
- Did they give 30 days’ notice prior to moving anywhere?
- How did they keep their apartment? Were they clean the apartments?
- Did they cause any damage to the apartment other than normal wear and tear?
- Were they respectful of their neighbours?
5. Choose a Tenant Who Is Consistent
On the application form you look at the tenant's prior addresses and employment history. Do they move or switch jobs often. They have able to afford the apartment in three months or not?
6. Look for a Maximum of Two People per Bedroom
Although you have specific rules regarding the number of occupants per bedroom, a rule of a maximum of two people per bedroom is considered reasonable with the following exceptions:
Ø Size and configuration of dwelling - A unit with a living room and den could hold more occupants than one without.
Ø You can give a maximum number of people per apartment, but you cannot give a maximum number of children per apartment.
Ø If capacity of the system limits the number of occupants the dwelling can tolerate.
Ø The more people per apartment, the more noise and the greater the wear and tear on your investment.
Considering all the factors which are help you choose the right tenant for your Apartments Houses for rent which you save your time and money by avoiding costly evictions, non-payment and secure to your property.