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Updated over 7 years ago,
Impossible to rent a large house in NJ?
My parents have a house which I am currently living in, they do not want to sell and I want to move out of state, so we are trying to rent it out. It is a large house, 5 Bed 3 Baths, 2600 sq feet, and the fair market rent value for this area (central NJ) I believe is at least $2700. But problem is we are having trouble finding tenants at this price point. The tenant screening guide on this site recommends that we set a criteria of a income having to be at least 3x the rent. So that forces us to only look at those who make at least $100,000 a year. Then on top of that we also require them to have good credit, this thins out the herd even more. Sometimes I think most people in this income range would rather buy than rent.
So what do you think my chances are of finding tenants at this price point who are willing to stay for at least a year?
Thanks.