Must-Know Tips for Finding the Perfect Tenants for Your Rental Property

by Skylar St. Pierre

As a landlord, your rental property's success depends heavily on the quality of your tenants. Finding reliable tenants who pay rent on time, respect your property, and follow the lease agreement is essential to a smooth rental experience. Here are ten tips to help you select quality tenants for your rental property.

1. Verify Income Stability

Why It Matters: A tenant with a stable income is more likely to pay rent on time and fulfill their lease obligations.
How To Do It: Request recent pay stubs, bank statements, or an employment verification letter. Ideally, a tenant’s income should be at least 3 times the monthly rent.

2. Run a Background Check

Why It Matters: Background checks can reveal any criminal history that might impact their suitability as a tenant.
How To Do It: Use a reputable tenant screening service. Look for any history of violent crimes, property damage, or financial fraud.

3. Check Rental History

Why It Matters: A tenant’s rental history can give you insight into their behavior as a renter—whether they’ve paid rent on time, caused property damage, or been evicted.
How To Do It: Contact previous landlords to confirm their rental dates, payment history, and if they would rent to them again.

4. Contact References

Why It Matters: Personal and professional references can provide additional perspectives on a tenant's character and reliability.
How To Do It: Ask for at least two references and prepare a few questions. Example questions include: How long have you known the tenant? Do they have a reliable and responsible personality?

5. Assess Credit Score

Why It Matters: A higher credit score generally indicates responsible financial behavior, while a low score could be a red flag for missed payments.
How To Do It: Use a credit check as part of your tenant screening process. Many tenant screening platforms provide this feature.

6. Evaluate Rental Application Thoroughly

Why It Matters: A complete and accurate rental application is a sign that the tenant is serious and responsible.
How To Do It: Review the application for completeness and accuracy, and cross-check all information. Make sure they’ve provided details on previous addresses, employment, and income sources.

7. Conduct an In-Person Interview

Why It Matters: Meeting the potential tenant can give you a feel for their personality and communication style.
How To Do It: Schedule a casual meeting or a property tour. Ask questions about their lifestyle, reason for moving, and what they expect from a rental property.

8. Trust Your Instincts

Why It Matters: Sometimes, a gut feeling can reveal more than paperwork. If something feels off, it might be worth considering.
How To Do It: Pay attention to your instincts during interactions. If they’re overly evasive or defensive, it might be a red flag.

9. Set Clear Expectations in the Lease Agreement

Why It Matters: Clearly defined terms help prevent misunderstandings and establish a professional landlord-tenant relationship from the start.
How To Do It: Make sure your lease covers important points like rent due dates, maintenance responsibilities, and policies on pets or guests. Be ready to discuss these terms during the screening process.

10. Use a Tenant Screening Toolkit

Why It Matters: A comprehensive toolkit streamlines the screening process and ensures you’re not missing any critical steps.
How To Do It: Check out our Tenant Screening Toolkit for in-depth resources, including sample applications, checklists, and more tips to help you find the best tenants for your property.

How We Can Help:

Screening tenants might seem like a lot of work, but it’s crucial to protect your investment. By following these steps, you’ll increase the likelihood of finding tenants who respect your property and pay their rent on time. For a complete set of resources, be sure to reach out to learn how we can take over placing the perfect tenant for youby contacting us below!