Hi All!
I have a rental in a somewhat depressed area of North Florida. The biggest employer shut down about a year ago and 3 hurricanes (2 major) hit directly in the last year. When I listed this property last yeear I had it rented in about 5 days. This will be my second time its listed and so far I've gotten quite a few people interested in applying and only 2 that actually have so far. Both lost their homes because of the shuricanes and went into having credit issues because of this. I am working on these to see if theres is any way to approve them but I am wondering if my minimum requirements are too high for this area or if I should stick with it. What I currently have is:
- Application: Everyone aged 18 or older must complete an application.
- Screening: Includes income verification and rental history verification.
- Background and Credit Check: A clear background and credit check is required. A $45 application fee will apply.
- Income: Verified monthly income must be at least three times the rent (minimum $4,200 combined).
- Credit Score: A credit score of 650 or higher is required.
- Eviction History: No prior evictions are permitted.
Should I lower it to a credit score of 600 and 2.5 times the rent? Should I wait it out? Financially I do not need to have it rented tomorrow, I can wait a bit. This is the first home that I am landlording and the first tenant was amazing, I was sad to see her leave but happy because of the reason she left was a good one.
I am looking for advice from you seasoned pros!
Hi Everyone,
I have a rental property in a somewhat depressed area of North Florida. The biggest employer in the region shut down about a year ago, and over the past year, the area was directly hit by three hurricanes (two of them major).
When I listed this property last year, it was rented within about five days. This is the second time I’ve listed it, and while there’s been interest, only two people have completed applications so far. Its only bene on the market for less than a week. Both applicants lost their homes due to the hurricanes, which led to credit challenges. I’m reviewing their applications to see if there’s any way to approve them but its unlikely if I stick to my minimum requirements. I understand the one time event thing but I foresee potential issues with each applicant because of what's happened to them in the past year. I’m also starting to wonder if my minimum requirements are too high for this area or if I should stick to them.
Here’s what I currently require:
- Application: Everyone 18 or older must complete an application.
- Screening: Includes income and rental history verification.
- Background & Credit Check: Clear background and credit check required ($45 application fee).
- Income: Monthly income must be at least three times the rent (minimum $4,200 combined).
- Credit Score: Minimum credit score of 650.
- Eviction History: No prior evictions allowed.
I’m considering adjusting these to a credit score of 600 and income of 2.5 times the rent. Financially, I’m not in a position where I need to rent it out immediately—I can afford to wait a bit if needed.
This is my first time as a landlord, and I was lucky with my first tenant, who was fantastic. Her leaving was bittersweet, as it was for a great personal opportunity for her.
I’d love advice from you seasoned landlords:
- Should I lower the requirements in light of the area’s circumstances, or wait it out?
- Have you had success working with tenants with credit issues under similar conditions?
Thanks in advance for your insights!
