Is my tenant screening criteria too restrictive?

[Grant Liddle]

I own a duplex and have 1 side rented and the other is vacant.  I made some updates to the vacant unit (new floors, updated bathroom, added 1/2 bathroom) and painted the whole place.  I increased the rent, but through some research still made it below market rent as this is my first time screening tenants and wanted to ensure I had a lot of interest so that I could rent it quickly (within 1 month).

Three weeks ago, I made the unit available and had a lot of interest (So much that I was starting to think maybe I should have bumped up the rent a bit).  I have been keeping track of the data and to date, I have had over 60 leads, 30 pre-screen phone calls, 12 showings and 0 application submissions.

My application qualifications are the following:

• Income >= 3x monthly rent
• Credit score >= 600 (will consider less than 600 if no credit problems in last year)
• No prior evictions
• No violent criminal history
• No smokers

For all but 2 of the showings, the people have given very positive feedback in terms of the amount of space, the cleanliness and everyone loved the bathroom updates.  Some even exclaim that they will fill out an application that day.  But I have yet to receive one.

I am charging $35 non-refundable application fee.  Every person 18 years or older who will be living in the unit must fill out an application.

I'm interested in any feedback on anything I should be doing differently to help find a quality tenant (or let me know if my expectations are unrealistic in finding a tenant within 1 month).

Thanks in advance.

Grant

[Kimberley R.]

Grant, although you may consider lowering your rent a bit if it is significantly higher than the comps in your area, I would strongly suggest that you do NOT minimize your rental criteria! It's essential to a long term, profitable, worry free experience that you fully screen every applicant over the age of 18, require 3x the monthly rent as veriable income, and disallow anyone with poor credit history from taking posession of your rental! I require a minimum credit score of 680, non negotiable, as anything below that number has historically indicated that the tenant either cannot, or will not, pay their debts in a responsible fashion. Don't pursue applicants who are ambivalent, or who realize after receiving the application that they won't be accepted. If a sincerely interested, QUALIFIED applicant has concerns about the rent, they can attempt to negotiate with you but be careful not to compromise on the quality of the tenant themselves just to fill the vacancy. Dont be in a hurry! It's better to wait for a good tenant than to accept a bad one☺