Tenant credit quality

[Ankur Agarwal]

Hi members,

I am in the process of renting my 4 bedroom SFH which I have priced towards the middle of the rent spectrum in the area (~$1850). I have got lot of prospects that are intersted but to my surprise all of them have bad credit scores - mid 500s to low 600s

Typically in this situation I would expect them to put in a higher - 3 month rent as security deposit but so far every prospect has declined to put in a higher deposit

What do you do in this sitation ? Keep looking for tanents with high credit scores or demand higher security deposits or something else ?

 Looking for some best practices followed by experienced landlords here on this forum.

Would appreciate your advise !

[Neil Aggarwal]

500-600 credit scores don't bother me.  I look at the whole picture.  Some people have low scores because of other things, like medical bills. As long as there are no evictions and most of their bills are paid on time, I am OK with it.  I use TransUnion SmartMove which gives me a lot of data.

3 months rent as security deposit would be impossible to get. 2 months would be max and that is mostly a deal breaker.  People who rent don't have money lying around.  If they did, they would buy something.