Experienced landlords understand what is at stake when selecting a tenant for a residential rental property. Choosing the right tenant can make a landlord’s life extremely easy, and signing a lease with the wrong tenant can be expensive, stressful, and leave you with a damaged property or legal problems. Because the Rhode Island rental market is favorable for landlords at this time, a property will usually have multiple interested tenants, and landlords can thoughtfully choose who to offer the property to. A recently published landlord resource discusses some items to consider in selecting a tenant.
To effectively start the tenant selection process, landlords should set the right criteria in the rental listing, to screen out undesirable tenants. Most importantly, the tenant should make sufficient income, or have a co-signer that does, in order to pay the desired amount of rent. Certain criminal convictions can be screened for by the listing, and issues like smoking or pets should also be discussed. A listing should also note that a credit check and background check will be performed.
After a tenant reviews the listing and shows interest in a property, the parties should meet to show the premises. A showing is as much for the landlord to evaluate the possible tenant as it is for the tenant to evaluate the property. At the showing, a landlord should ask the prospective tenant about their current living situation, why they are moving, and when they would like to move in. Issues such as credit, smoking, and pets can be discussed if they were not brought up over the phone. Additionally, the landlord can get an idea of the tenants’ employment and lifestyle. If a tenant fails to show up or is very late to a showing, gives suspicious answers to questions about their past, or refuses to fill out an application and submit to a credit or background check, these may be red flags that help a landlord decide that another tenant would be more desirable.