What are your "qualifications" for a tenant?

[Christina Swaby]

My husband I and purchased our first rental at the end of May. We are wrapping up the renovation and are putting it on the market in the next week. What guidelines/qualifications do you use when considering tenants? ie: specific credit score #s, background check deal breakers, income threshold they need to meet, etc.

[Nathan Strahan]

Developing a thorough tenant screening process will help you select
tenants who are likely to be reliable, respectful, and financially
capable of meeting their rental obligations.My recommendations:

Credit Score: Look for tenants with a satisfactory credit history, but instead of focusing on specific credit score numbers, consider their overall financial responsibility and ability to pay rent on time.

Income Verification: Determine an income threshold that tenants should meet to ensure they can comfortably afford the rent. Generally, it's advisable that tenants' monthly income is at least three times the rental amount.

Employment and References: Request proof of employment or stable income, such as recent pay stubs or employment verification. Additionally, consider checking their previous rental references to assess their reliability and adherence to lease agreements.

Background Check: Conduct a background check to screen for any criminal history or eviction records. While minor offenses may not be deal breakers, serious criminal activity or eviction history should be carefully evaluated.

Rental Application: Ask potential tenants to complete a comprehensive rental application, providing essential information like contact details, previous addresses, and personal references. This will help you gather necessary information to assess their suitability.

Rental History: Inquire about their rental history, including the reason for leaving previous rentals and how they maintained the property. This can give you insight into their behavior as tenants.

Communication and Responsiveness: Evaluate how well the prospective tenants communicate and respond during the application process. Prompt and clear communication can indicate their level of responsibility and respect for the rental property.