Learn what four qualities make an ideal tenant
As a multifamily property owner, it’s important to know who will be living on your property. When choosing a tenant you don’t want to just let anyone live in your units, so it’s important to make sure you choose your tenants wisely.
There are several key qualities to look for in a potential tenant that can contribute to a successful rental experience. Join us and learn what qualities make a good tenant and why it’s important to pre-screen them beforehand.
1: Steady Income
An important quality for any of your potential tenants is if they are employed and/or receiving an income if they are a student. Asking your tenants what they do for work can help you gauge whether they’re making a steady income.
Even if a potential renter is a student, ask them if they work, or if money would be a problem (by not being too invasive), because they could be receiving income from a parent or legal guardian. It is also recommended to ask potential tenants for recent paystubs or other proof of income.
For any property owner, having a good tenant retention rate is essential. The main factor that solidifies if a potential tenant is a good fit for your property is to make sure that they can afford rent.
Top five tips to boost tenant retention for multifamily investment success
Tenants who are employed and plan to stay on your property for a year or more can provide overall stability to your property. A reliable tenant will be responsive and respectful regarding your property’s rules and regulations.
There are a lot of ways to learn if your tenant is honest with who they are. Usually, when they fill out their information, it isn’t uncommon to conduct a background check, if needed. You can also speak with previous landlords to learn about the tenant’s rental history.
In addition, one of the most common questions tenants want to know is if the property is pet friendly. Most multifamily properties are pet friendly but if your property is not pet friendly, make sure that this information is clear before considering them as a tenant. A lot of times, people won’t tell you if they have a pet, and this can cause potential issues for your property. So be sure to double-check with them and emphasize the pet-free rule.
4: Good Credit Score
A tenant with a good credit score can reveal financial responsibility which can indicate that they are a reliable adult who can pay off their fees on time. A tenant with a credit score higher than 650 is likely to pay their rent on time.
To conclude, when choosing a tenant, you want to make sure to avoid discrimination by following all the local laws and regulations governing tenant selection as this can cause legal problems and potentially give your property a negative name. The goal is to have peace of mind while your tenants live on your property.
At 100Units, our skilled and passionate team of individuals will meet all of your multifamily property needs by analyzing trends, market conditions, and local competition to ensure your investment success.
If you’re looking for expert advice on investing in a multifamily property or searching for the right property to acquire in Florida, contact our team today at 866. GO.UNITS or fill out the form here to get started.