Minimum Qualifications what are your standards

[Shannon M.]

I just bought an out of town duplex (1 1/2 hours away). I’m in the process of advertising and listed in a local Facebook buy sell and trade. I was getting a lot of inquiries and I would say about 90% who don’t even qualify— bad credit, asking if I will work with them on the deposit... etc. So I decided to try just listing minimum qualifications with the listing as to weed out those who don’t qualify in the first place. Next thing I know I’m being shamed by multiple commentators for having to “steep” criteria and I’m contributing to homelessness in the area and it’s discriminatory criteria . 🙄

 I feel they are pretty standard for the market:

Applicant must have current photo identification and a valid social security number.

Applicant's monthly household income must exceed three times the rent. 

Applicants must receive positive references from all previous landlords for the previous 5 years.

Applicant may not have any evictions or unpaid judgments from previous landlords.

Applicant must exhibit a responsible financial life. Credit score must be a minimum of 600.

A background check will be conducted on all applicants over 18. Applicant’s background must exhibit a pattern of responsibility.

Applicant must be a non-smoker

Is this being unreasonable? I am new to the market but from most options especially those managed by a PM company are comparable to what my criteria is.

[Nathan Gesner]

Those are reasonable. Just remember, you have to know "why" you have these policies so you can know "when" to deviate from them.

For example, requiring 3x the rent is pretty safe. But I've rented to people that only made 2x the rent because they were elderly, had zero debt and good financial responsibilities, excellent Landlord references, etc.