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Updated over 9 years ago on . Most recent reply
Charging different rental rates based on risk .
Matthew PaulPoster
#2 Contractors Contributor
#2 Contractors Contributor
- Severna Park, MD
Mortgage companies do this all the time , lower credit score , you pay a higher interest rate , pmi etc. Now lets say I advertise my house for rent on the low end with a disclaimer. " rental rate based on a credit score of 715 rental rate increases as your score drops. " Now I am sure everyone would apply expecting the low rate , causing some potential problems . I was wondering how it may go over.
Most Popular Reply
@Matthew Paul That is a violation of Fair Housing laws and your states landlord/tenant laws. While you can base your decision on their credit report, you can charge different rent based on credit.
Personally, if I see the rental as risky, then I would not rent. Having an additional month or two of rent is going to do you no good, if the tenant is a PITA. I am talking from experience.
Upen Patel
Upen Patel