I am currently trying to lease a property for the first time in Arlington, Texas and am experiencing frustration in finding a QUALIFIED tenant for my SFH. I feel that the rent, security deposit and other qualification requirements are all in line with the surrounding market, and there has been quite a lot of interest in the house. I've had many showings and even more phone calls. The biggest problem that I realized that these 'prospectives' had was with my credit score requirement (at least 640). These are my current requirements:
- $1395/month rent (average for the market)
-$1500 security deposit
-$50 application fee
-$250 non-refundable pet deposit (max 2 pets)
-minimum 640 credit score (the killer as it seems)
I have even tried offering those with lower credit scores the opportunity to lease with a higher monthly rent and/or higher security deposit but can't get anyone to even turn in an application (wasting lots of paper at this time).
I would be concerned as opposed to frustrated if there was no interest, but with the activity the past month (I've been trying for a month), I know that there are renters out there.
As I have indicated, I think the credit score issue is the speed hump, but I could be wrong. The house is not in any way a dump, it is a very nice 80's build 3/2/2 in a nice quiet neighborhood. Just can't figure out what I need to do to reel a tenant in! Any advice or feedback will be appreciated as this is the first time having to find a tenant (my first house was an inherited tenant).
