Is there a correlation between nicer homes and better tenants?

[Mike Franco]

I'm wondering whether you landlords have noticed better qualified applicants after you renovate (or if you have a nicer looking dwelling)-- People with higher income, stable jobs, better ability to pay rent. Are the "richer" people attracted to the nicer looking rentals?

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About 2 years ago, I renovated my rental home out of necessity. The vinyl floor tiles were coming unglued, toilets didn't flush well, vanity was barely attached to wall. Front lawn was just dirt and weeds. It was a dump.

I replaced all the vinyl with ceramic tile, new vanities with granite countertops, new toilets, new grass, all for pretty cheap cost.
My house now looks up to date, but not the nicest it can be.

The problem is, I still have the same kind of crap applicants, i.e they're good people, not pigs thankfully, but they eventually have no money to pay rent. They are the paycheck the paycheck type.

I'm always wondering, where are all the people with enough money?

[Rob K.]

It could just be the neighborhood. Many people are more concerned with the neighborhood than the features of the property.

If I were renting, I would rather have an ok house in a nice area with good schools than a really nice house in a neighborhood where I was worried about my cars or kids bikes being stolen.

I don't know what your neighborhood is like, but many people live from check to check. Dave Ramsey says that it is 70%. It's sad, but many Americans want to buy stuff now that they can't afford.