Why Do Tenants? - Landlord Forum thread 353250

Why Do Tenants? by Anonymous on July 15, 2017 @15:08

Texas LL. Why do prospective tenants apply for a property they are absolutely unqualified for? My SFH is rent priced below market value for the area, in a fast growing part of a major city. My SFH website is very clear that they must have a 625+credit/FICO score and have 3.5X the rent in monthly income. Why do tenants apply that have a 499 FICO score and 2.5X income? If I was to consider such people what is the upside for me as a landlord? Their upside is they get a good deal on renting a SFH. My upside is that I get stuck with a below average tenant who can probably not pay the rent that I will need to terminate (MTM lease). I have been patient for several months. Should I raise my price? Would that attract better qualified tenants?

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Re: Why Do Tenants? by Kiki on July 15, 2017 @15:11	[ Reply ]

Do you charge an application fee?

Re: Why Do Tenants?

Re: Why Do Tenants? by Katiekate (New York) on July 16, 2017 @01:46	[ Reply ]

Do you mean you have stood empty for several months? Even below average rent for the area..still empty? There is something else wrong. Have you gone to look at other properties in your neighborhood? How do you compare in upgrades? Amenities? Something else is wrong. Next time you have a prospect that doesn't want your place...not offering to make an application...ask why. Careful to phrase it so that they don't think you are pressuring them...just hope they give you some feed back. Finally... 625 credit score is already pretty low. I sure wouldn't lower that standard.

Re: Why Do Tenants?