What are your tenant pre-qualifications ?

[CJ B.]

Hey BP

Playing "devils advocate" here and looking to get some thoughts/opinions from the BP hive. 

      So, my current prequalifying factors:(B grade unit/area) are as follows:

*First/Last month rent + $500 deposit (refundable).

*1 small dog/no cats or other pets.

*$25 mo pet fee/$200 (non-refundable) cleaning fee

*Tenant cares for yard (Lawnmower provided).

*current verifiable employment.

*approx 2-3 x more than monthly rent.

*No evictions ever.

*no criminal record. Background, credit, eviction checks. 

*No smoking

*Verifiable good references.

Before even showing, I make sure interested parties can meet these pre-qualifiers. 

I usually attract, a "higher" maintenance tenant (which I'm ok with, because they care about the maintenance of the property) with an average of about a 2 year stay. I've had no problems with rent being paid, ever....Not even a late payment. BUT....

The question:  With the above pre qualifiers, yes, perhaps I may be mitigating risk, but aren't you also potentially asking for a higher/quicker turnover? For example, most people with these qualifications, could easily buy a house, and likely will do that. Would it make more sense to lower prequalifying factors and attract a demographic who would stay in your rental for the long haul? 

Curious what everyone does. How do you approach your rental criteria? Is my criteria too strict- particularly in these crazy times?  Is it better to attract tenants who want/need to stay longer? Maybe I should change my approach. 

What do you think? 

[Bjorn Ahlblad]

I have about the same except no pets, and a higher deposit, min income 3x rent, min credit 650. In order to buy a house you need a down payment; 99% of renters don't have that. Some can barely come up with a 5k move in fee! I don't worry about them buying houses. Stick to your guns.