What makes a great tenant? This is a top question that owners have been asking for generations because everyone who invests in real estate know that the quality of your tenants will lead to your success or failure while you own rental properties.
In this article we will answer this question, provide you with tips on how to choose a great tenant and also provide you with information on what tenants are really looking for in 2019.
As an owner, one of the first things that you should look for which will make someone stand out as a “great tenant” is their financial qualifications. Specifically, you should be looking at their income and verify that they make at least 2.5 to 3 times the rent amount because you want them to be able to easily afford their monthly rent payment.
Example: If you are renting your property for $2,000 per month, your tenant should have a monthly income of $4,500 to $6,000 per month.
Besides verifying that someone can financially pay their rent each month, you should also review their credit score. This is done by pulling an applicants credit report and viewing their score plus credit history.
During the process of viewing an applicants credit report you should be looking at things like how many debts do they have? Do they make their payments on time? Are they behind on any of their payments? All of these questions are important because the quality of the tenant that you choose will give you an idea of the quality of tenant that they will be when they are renting from you.
Past Rental History
Besides reviewing an applicants credit score and financial qualifications for renting from you, as a landlord you should also be reviewing their rental history and taking the time to contact their previous landlord and ask that individual questions like:
- Did they pay their rent on time?
- Did they cause any problems for other tenants?
- Did they give a 30 day notice before moving out?
- Did they leave the rental property in good condition at move out?
After talking with an applicants former landlord, you should also take the time to contact their personal references just to verify if they have any potential problems or issues which could make them a bad fit for your rental property.
What Are Renters Looking For?
Here are 6 things today’s Portland Oregon Renter is searching for:
More renters than ever before are searching for apartments, town homes, condos or single family homes in Portland which are near the best restaurants, shopping and entertainment venues that the city has to offer them.
Tip – If your rental is located near an exciting location like a great restaurant don’t hesitate to market the awesome location on your rental listing.
A renter in 2019 wants to see that the property they are going to rent has been recently updated or renovated and comes with modern appliances and or amenities.
The size of the rental is also an important feature which most renters want in 2019 and it pays to highlight the size of your Portland Rental Property especially if it’s in a desirable location.
Besides size, renovation and square footage, renters are also searching for properties which are located near public transportation and major highways or roads so they can get to work without a long commute.
Stainless Steel Appliances
Although some people might not like stainless steel appliances, the reality is that they are still desirable in 2019, along with marble counter tops, and you shouldn’t hesitate to market these important features of your rental property.
Does your rental property in Portland offer great parking either on street or off street? If so, this is also another important amenity you should be promoting with your rental listing because, parking can get expensive as there are fewer non-pay parking lots and spaces available across Portland than ever before.
Get Portland Oregon Property Management
For professional Portland Oregon Property Management contact Property Management Systems today by calling us at (503) 515-3170 or click here to connect with us online.