Screening Tenants in Phoenix, AZ

[Kevin Ferris]

This is just our second rental property, but I'm having a hard time finding qualified tenants.  Am I setting my standards too high?

2000 sqft house, 3bds, 2.5 bath with a community pool, nice North Phoenix neighborhood, $1550 per month.  It's priced well, and others are renting out quickly.  Based on what I've read, we wanted at least a 650 credit score, and three times income.  We've turned down six or seven applicants already.  Only one met the credit score requirement, but income was only two times rent.  Most others were not even at 600 credit score.

Do I wait it out, or lower my standards?  Are there any decent renters in Phoenix?  Starting to get pretty frustrated.  They told me this was supposed to be easy!  j/k

[Doug McVinua]

@Kevin 

@Kevin Ferris Your standards might be slightly high and if you're public with them you could be scaring away quality prospects/applicants. It's not uncommon for applicants to be fearful of the process and let's face it most all of us fear rejection.

Applicants often don't understand what 3 times really means, what does that mean to you? 

How many aren't real sure of their credit score and or get different scores depending on the bureau and or pull? Would you turn down a 649?

I have landlords with requirements but I also remind everyone including landlords that 1 item is not always the end all. I've had applicants with 4 times income that don't have $3.00 at the end of the month and applicants with 2 times, no debt etc that do really well. What is the totality of the situation? Show me an 800 credit score, money in the bank and one person happened to just get laid off and is out looking for work that is a 2.5 times rent and chances are that could be a great tenant.

Not that I don't share the requirements and discuss the situations before applications take place but done conversationally you can overcome some of the fear and possibly bring yourself a tenant that might work out great.

Of course with some items we are dead in the water with an applicant but I've also learned that some flexibility can be good. (Please don't tell my wife I said that)

Sometimes the good tenants are a little more reluctant, don't want rejection and or extra credit pulls.

Bottom line, you might be scaring some good people away.

Hope you find a great tenant soon!