All Forum Posts by: Detra Harris

Hi Jason,

Your criteria are right on the mark and I also agree with Jonathan regarding requirements for applicants' credit scores.  We typically require at least 600 or more, otherwise, an explanation letter is required for any collections and we often make exceptions for medical bills and student loans.  

You may have challenges with attracting "neat, clean, prompt and courteous" tenants... good luck with that one! The more units you obtain in your portfolio, the fewer tenants will meet these criteria. Of course, housekeeping issues are a pain and problem for many of us property owners.

Here in California, we reduced our monthly income requirement to 2X's the rent.  However, we're in California were rents are very expensive, so it works here. With California's new rent control laws, we have to get savvy on rent increase incentives moving forward.  I'm thinking of offering a 3% increase with a one-year lease renewal or 5% month to month.

We also give our prospects our criteria in writing when touring units. Our handout was created as a renters checklist to reduce intimidation regarding submitting all required documents for the screening process.  It's a handy tool prospects can use to shop for their new homes.

Happy renting!

Detra