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worst year ever for qualified tenants? What's Up?? - Landlord Forum thread 359190

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worst year ever for qualified tenants? What's Up?? by June on April 8, 2019 @22:57

Posted on line for Rent an immaculate updated house I have been renting out since 2004 to a variety of qualified tenants. Use LPA Rental Application/Questioner with some of our own questions, with the LPA Verification forms for Employment, Past Landlords, Background etc. checks. Loads of calls and most want to rent it. As soon as they find out about the deep screening they refuse and beg us to trust them so they can prove how wonderful they are! I post that there must be a detailed T Screening in my ad for rent. The respondents do not want any credit or any other checks! Some lie during our phone interview which weeds out non-qualified persons in order to get a showing, then they try to bamboozle me into "give us a chance"..... stories.

Is this the year of bad credit people or has my area gone down into the sewer over the last few years? I am a small Mom/Pop LL. Notice the dead beats and non-qualified search for Mom/Pop LL's in hopes of getting a place to live as the big PM's do not pass them. I think I may be in the minority of small Mom/Pop LL's as I do a heavy duty background, credit, everything check before renting to anybody. I do consider a small pet with a slight rent increase.

Anyone out there got any feed back on this? First time this has happened to me. In a month, have not had a single caller or viewer of the loads of peeps calling that even qualified for a showing. The ones I show to want it and refuse the detailed T Screening. Is my area going to the dogs? It is a very stable old suburb with loads of superior amenities. Very few renters.
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Re: worst year ever for qualified tenants? What's Up?? by lpadave on April 9, 2019 @00:54 [ Reply ]
Unfortunately,....that is very much the way it is now.
In both the high end luxury and the low end. In many ways the high end is worse because the formula is higher and the income and asset requirements are up there.
We live in a world which has gotten very expensive and people want to live big fancy expensive lifestyles in big fancy expensive cities.
How they actually plan to pay for it doesn't seem to cross their minds.

My applications are extremely detailed and increasingly they go out and the prospective tenants Casper (as in the cartoon ghost).

I've had applicants that omitted their out of state felony sex offender prison terms, manslaughter convictions, bk's and lack of any banking history because """"they do not like or trust banks""",........which instantly became evident that they were liened, levied and garnishment'd up.

More and more people are willing to ""throw it up against the wall and see what sticks""". In hopes that we as LLs will just pocket the application money and glance at the pile of papers they give us and say ok.

I've had increasing applications from blended households of multiple unrelated adults with kids and pets, with all of the adults combined barely making the income formula.

This is what the residential rental industry has increasingly and unfortunately become. There are many of us who will just put warm bodies in their properties if they can pay first and the security and then hope for the best. Generally,....the best never shows up.

These sites are full of the war stories.
Do they really think we are not going to check them out ?.?
Many LLs indeed do not, and they become the tenant's prey.

Thou protesteth too much........
Re: worst year ever for qualified tenants? What's Up?? by LAMAC66 on April 10, 2019 @08:49 [ Reply ]
Be thankful your screening process is doing what its supposed to do. Keep you from renting to the unqualified. The lack of qualified applicants, well thats par for the course.

There is ups and downs in this industry. Be patient.
Re: worst year ever for qualified tenants? What's Up?? by Cedric on April 15, 2019 @19:02 [ Reply ]
According to Wolf Street, a bearish investment site, housing prices are falling. This could mean that the supply of *qualified* buyers is falling, so, for renters, maybe the supply of *qualified* renters is falling. My guess is that these unqualified tenants are trying to live in yesterday's economy with today's wages. If anything, you may want to be *more* diligent about screening.

Maybe change your Craigslist ad to only accept emails, and include a pre-screening set of questions, as well as a request for inquiring parties to introduce themselves.
Re: worst year ever for qualified tenants? What's Up?? by Jay on April 23, 2019 @11:04 [ Reply ]
As co-founder of TenantMagic I receive many calls a day from landlords about applicant quality issues. A number of them called me after they ran into the same problem you have and loosened their standards just to get their property rented. They all said that it was a huge mistake. It is not worth it when you end up with deadbeat tenants that need to be evicted. They end up not only with the lost rent and legal expenses, but also big repair bill from damage. Set your requirements and stick to them.

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