Question for people who own residential rental property?

Question

Do you have a hard time finding renters who respect the property, respect the terms of the lease and respect the due date for their rent? Also, do you find that potential renters complain about having to come up with a security deposit, and want to rent your property without one?

Answer 1

yes on all questions.  If you are a serious renter, you should expect a security deposit of some type and if the renter doesn't want to pay it, just move on to the next applicant.

Answer 2

Do I have a hard time finding renters who respect the property, respect the terms of the lease and respect the due date for their rent?

Occasionally, but I screen out most tenants that fall into categories by checking references, running credit, criminal and court checks.

However, if I end up with a tenant that does not respect my property, their rental agreement or pay rent on time, I terminate their tenancy and get rid of them ASAP.

I only rent on a month to month basis and my average tenant stay is 3+ years. Tenants are welcome to stay as long as they want, but they must be responsible and live up to their obligations.

Also, do I find that potential renters complain about having to come up with a security deposit, and want to rent your property without one?

No. Those types of tenants are screened out early in the process. I would never consider renting to a tenant that does not have the full security deposit.

Answer 3

Not really.

I'm a property manager in Oregon.  We manage a total of about 65 properties.   We do a screening process and most of our tenants are pretty good and responsible.   We do have occasional problems with people but that is to be expected in this business.  And no - the people that qualify for one of our places typically don't complain about the deposit.

people that have also had your same issues are the reason that I have a job - they don't want to deal with it.

Answer 4

Yes to all of your questions.

Answer 5

Sometimes it takes a bit of time  1 or even 2 months to find the right kind of tenant, one who has fulfilled all the requirements on the application form and background checks are done by the landlord or the landlords appointed property manager- References must be contacted- references have to have some status , a janitor wont do as a reference- Also there is a question as to the last address and the last landlords name and  address etc-

A  check for a months rent has to be given at the time of letter of intent to the landlord-It does not mean that the landlord is in anyway obliged to rent the place if  he finds that the prospective renter does not qualify after queries are made - Once that is completed , you should make it a point to take post-dated checks if you live away from the property or if the rent is not paid by the stipulated date, immediately give  them a warning and  if still for 7 days you hear nothing you approach for eviction-default in payments

If potential renters complain having to come up with a security deposit SMELL a RAT and do not rent to them

Answer 6

I never rent without the full deposit, no payment plans.

There are some people like you describe, but most are decent.

Answer 7

You are renting to the wrong people.

People rent for many reasons.  Not being able to afford to purchase a house isn't a minor minor reason.

I never rent to anyone that can't afford it and who is living month to month.

I look at income and debt, and NEVER rent to anyone whos total debt ratio (including the rent) is more then 38%.  The rent part is NEVER more then 30%.

I also require a one month security deposit up front (NO PAYMENT PLANS) and they need to show that they have at least 3 months rent in the bank (checking or savings).