What is the perfect rental tenant? We think they should have these characteristics.
Being a landlord isn’t necessarily all fun and games. Even though it does offer a passive income, there is a lot of hard work that goes into setting up the rental, such as finding and maintaining a great property and setting it up to be let. You shouldn’t just rent out your rental to anyone off the streets, either, but finding the perfect rental tenant becomes a bit easier when you know your ideal tenant.
What Makes a Great Rental Tenant?
Stable and Sufficient Income
Having an income is necessary for a potential tenant to get through the door, literally and figuratively. Not only should they have an income currently, but it should be stable and sufficient to pay the rent and live. The tenant should not get easily fired or jump from job to job haphazardly, and the rent should not be more than 30% of the tenant’s income.
Stable Finances
Someone with the most luxurious income can be in huge debt, while someone with a small income can have ample savings. It takes good financial habits to manage money well. Does the prospective tenant have debts? Do they have a good credit score, and do they meet all their payments on time?
Criminal Clearance
In the U.S., you cannot discriminate against someone for having an arrest. However, a criminal background is something that deserves the utmost attention when screening a tenant. While it is negative, every case is unique and should be judged as such.
Communicates Well
Good communication is necessary between tenants and landlords, even if you hardly talk to each other. An agreement like this needs clarity between both parties. If you have trouble communicating with the tenant, it could spell trouble later on.
Low-maintenance, Helpful, and Clean
The tenant should also have a good character. The ideal rental tenant should not be overly picky or cause you to run around trying to make the apartment just so just to keep them. The candidate should also be helpful, willing to point out maintenance issues promptly and respectfully, and willing to care for the property as they need to. A clean and respectful tenant is a great tenant!
Understands Price Hikes
While it is unfortunate that inflation can affect everything except salaries in the short term, it happens and can affect rentals. A good tenant will understand this and be able to agree to any necessary price hikes. Of course, you will make it easier for them by keeping the price low and being upfront!
Stays for the Long Term
The costs of high turnovers and vacancies are more expensive than you might realize. A tenant that will be able to stay for at least three years is a great option.
Trust the Professionals at Clagett Enterprises for Your Realty Needs
If you’re looking for an experienced property management company, the perfect realtor for your property, or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with commercial sales, leasing, management, and development and consulting, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook and Linkedin.