Tenant requirements for B/C Class Rentals

[David Schmiediche]

I'm curious if y'all are seeing a decrease in tenant qualities applying for rentals. I own multifamily properties in College Station that primarily get rented out to working class individuals. Every now and then we get a few students, although most of our tenants are working individuals. Over the past few years we have required a 600+ credit score for every tenant and income from all tenants adding up to 3X the monthly rent amount. If that requirement isn't met we require a cosigner for the individual with less than a 600 credit, or a cosigner for both if the income from all tenants is less than 3x the monthly rent amount. Typically we haven't had any issues renting out our units and this year we are having a hard time finding tenants that meet that criteria. Are other investors in the area seeing this as well?