Deciding Which Qualified Tenant to Choose???

Deciding Which Qualified Tenant to Choose??? by New Yorker Landlord (NY) on May 29, 2012 @16:18

I am a relatively new landlord (for past 5 years, 2 prior tenants) and have my 1 bedroom unit on the market for 2 months now and so far, there are 3 prospective tenants who seem to fit the criteria for signing the lease.

I just have no idea how to choose - and whether to go by "first come, first serve?" or pick the tenant with the highest FICO.

Of the 3 tenants:

# 1 is a 56 year old single divorced woman who works only 4 miles away from the apartment. She took 2 weeks to submit the documents for a credit/background check - but she has steady employment (out of state company that transferred her to NYC, so she plans to stay), good references (all 3 prior landlords checked out), and an ok FICO (710).

# 2 is a young engaged couple in their late 20s. Both work for civil service employers (wife as an admin asst for a construction company, husband as some type of senior level manager for the NYC Fire Dep't). Both have excellent credit/references.

# 3 is another young married couple in their early 30s who are looking to leave their old neighborhood because they want "somewhere quieter". Prior rental history checks out (rented for past 8 years, references were good), FICO is high 600s. Husband works in marketing for a private company, wife works in fashion as a buyer for a retail company (ie Macys, etc).

All 3 tenants above have incomes that meet my rental criteria. All 3 are willing to wait until later in the summer to move in because all of them are on "month to month" leases with their current landlords, so they are not in any "rush" to move into my unit (which wont become available until at least July 15th, when my current tenant is scheduled to quit the lease).

Who should I go with? Do I need to get more information on these applicants? I have been using those Credit Check reports offered by one of the eRental.com web sites...

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Re: Deciding Which Qualified Tenant to Choose??? by Jake on May 29, 2012 @16:25	[ Reply ]

Go with #2, you should always give preference to our brave firemen when all other factors are equal.

Re: Deciding Which Qualified Tenant to Choose???

Re: Deciding Which Qualified Tenant to Choose??? by Julie in PA on May 29, 2012 @16:28	[ Reply ]

If one half of the couples loses their job, the couple still has income coming in to pay the rent.

Re: Deciding Which Qualified Tenant to Choose??? by Jake on May 29, 2012 @16:34	[ Reply ]

If you have three qualified applicants, it is OK to choose the one that you personally like. The single woman is more likely to bring in pets or an unauthorized tenant. The younger couple with good employment might be a good choice if they are in fact really married. Do they have driver's licenses with the same last name? Do they have credit in a common name and can you check the public civil records to see if they have married. Did they complete the application with a common name? Unmarried couples are least likely to live out the lease.

Re: Deciding Which Qualified Tenant to Choose??? by Anonymous on May 29, 2012 @17:48	[ Reply ]

I'd avoid the single woman who took a long time to get the docs back to you AND because she had an out-of-state company transfer her to NYC--and they could just as easily transfer her OUT of NYC in the future. If you go with her, get her to sign a lease like the LPA. WARNING: She is likely to have an adult child who will move in, along with the grandkids, and maybe her jailbird SIL who just got out of prison...but ya never know. The engaged couple...they're likely to have a baby and look to move out of your 1 bedroom place. Make sure they sign a year's lease. The young married couple are likely to have a baby too, and look to move out of your 1 bedroom place. Make sure they sign a year's lease. The retail place could close, so you can't count on that income really--i.e. Macy's is NOT Macy's. It could be The Gap. Be sure you get a non-refundable holding fee.

Re: Deciding Which Qualified Tenant to Choose??? by NY-LL on May 29, 2012 @20:51	[ Reply ]

The longer term tenant willing to occupy the premises for at least two (2+) years or more is the better choice for the financial management of the property. The tenant best able to keep the property in excellent condition (most experienced renter or previous property owner) is the better choice for the maintenance management of the property. Do not make any assumptions or projections without reason about any potential tenant problems. Re-confirm the personal identification to ensure that the prospective tenant(s) interviewed are, in fact, the actual person(s). Driver�s licenses can be forged. Re-verify the employment references in writing to ensure that the prospective tenant(s) are not slated for pending layoff. Re-verify the landlord references against the county property records to confirm that the landlord reference provided is the actual property owner (and not a relative). Request several personal references to see whether the prospective provide their clergy of ten years or their neighbor of five months.