Re: Prospective Tenant Has Fishy Motive for renting..?

Re: Prospective Tenant Has Fishy Motive for renting..? by NY-LL on June 12, 2012 @01:40

The property management company may be either intending to (i) renovate the apartment units with upgraded improvements (new appliances, washer/dryers, new kitchen/bathroom cabinetry) and/or intending to (ii) convert the some apartment units to condominiums with similar upgraded improvements -- (hence the $225 rent increase).

Most tenants do not complete the rental application until they confirm an interest in the apartment unit. (Otherwise, it is wasted time on a wasted application.) The tenant did make available a copy of the credit report for the landlord’s consideration. (This minimizes multiple unnecessary inquiries into the credit report profile, until interest is confirmed.)

As the landlord has stated, the rental application process is incomplete and there is no confirmed interest for the apartment unit by the tenant. Based upon the qualified income, employment stability, and good credit, the tenant’s references will likely check favorably. In the interim, the credit report will need to be reviewed to confirm income-to-debt ratios; the employment references will need to be considered for any potential downsizing, etc.; the landlord references (and court records) will need to be reviewed to confirm any past or pending evictions (not always provided in the credit report).

It can be beneficial to screen for a tenant than to screen against the tenant. Look at the positives!

The reason for the substantial rent increase ($225 per month) can be confirmed with the rental verification with the property management company.
The landlord can also make it a condition of application to provide confirmation of the past six (6+) month’s rental payments to confirm timeliness of payments.
The lease agreement should provide for late payment penalties to remedy any potential issue with late rental payments.

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