Leasing advice needed

[Sandeep G.]

All,

My property is up for a new lease and i am in the process of renting it to the next tenant. I have just screened candidates through zillow rental manager and shortlisted 2 potential renters.

1) An attorney with a rent to income ratio of 4 (rent is 2.5k, income is 10k). lives with  a partner who has his own business (apparently making above 5k a month). Concern: can attorneys potentially screw you for the slightest reason? should i be concerned about the partner and his varying incomes?)

2) A family of 3 (husband is manager in a logistics company with income of 4k, wife not stable job with income of 1.6k and a young kid). Concern : with recession looming, if husband loses the job, not sure wife alone can pay rents smoothly every month.   

I am not in the same state as the property anymore and both are extremely keen to take the lease for more than a year but i am struggling to decide between the two candidates. can you guys share your thoughts to help me decide ? 

Different qn : what is the usual policy for pets (cats/ medium dogs)? do i charge monthly or 1 time pet deposit) ??

Thanks a lot.

[Joseph Cornwell]

Quote from @Sandeep G.:

All,

My property is up for a new lease and i am in the process of renting it to the next tenant. I have just screened candidates through zillow rental manager and shortlisted 2 potential renters.

1) An attorney with a rent to income ratio of 4 (rent is 2.5k, income is 10k). lives with  a partner who has his own business (apparently making above 5k a month). Concern: can attorneys potentially screw you for the slightest reason? should i be concerned about the partner and his varying incomes?)

2) A family of 3 (husband is manager in a logistics company with income of 4k, wife not stable job with income of 1.6k and a young kid). Concern : with recession looming, if husband loses the job, not sure wife alone can pay rents smoothly every month.   

I am not in the same state as the property anymore and both are extremely keen to take the lease for more than a year but i am struggling to decide between the two candidates. can you guys share your thoughts to help me decide ? 

Different qn : what is the usual policy for pets (cats/ medium dogs)? do i charge monthly or 1 time pet deposit) ??

Thanks a lot.

Personally, I would opt for the attorney assuming all other factors are equal, (credit rating, criminal history, no evictions, and DTI.) As long as you are a good landlord and following the law, I do not see why a good tenant/attorney would randomly try to make issues with you. Personally, I would prefer 2 tenants instead of 3 on water costs if you pay, plus wear and tear.

As for my pet policy, I do allow pets, up to a max of 3, I charge $100 non-refundable move in fee per pet, plus $25/mo per pet after. In my area, Cincinnati, Ohio I am told that is cheap for pet fees. I do not like a pet deposit because its usually a higher amount, and your normal deposit covers pet damage anyway. So I just make extra profit to mitigate my risks. 

Good luck!