Things to look for when qualifying tenants to lease an apartment by Daniel Williams.
I would like to share some of the things I look for when qualifying tenants to lease an apartment in our buildings.
1. Ability to pay – This comes in different forms from paystubs to bank statement, and letters from current employers with pay rates, pay dates, and employees’ information, and hours earned throughout their employment at said company.
2. Credit – as we all know current inventory of rental properties in the state of Connecticut has
experienced a downturn since the pandemic and has caused a influx of rental prices of above
12% since 2019. So, credit has become a driving force and degerminator of which tenants to
choose. I typically look for a good credit score which is in the range of 670 – 715 FICO score or
better. According to Experian, for a score with a range between 300 and 850, a credit score of
700 or above is generally considered good. A score of 800 or above on the same range is
considered to be excellent. Most consumers have credit scores that fall between 600 and 750. In
2022, the average FICO® Score☉ in the U.S. reached 714.
3. Any Eviction history – A eviction has to be examined questions very from has the tenant been
evicted due to change of owner or was the eviction due to nonpayment of rent which the latter
case may disqualify a tenant from renting from us. Having an eviction isn’t something you want
to have a history of when trying to rent a new apartment.
4. Criminal history – I wouldn’t disqualify a tenant because of minor offenses even major offenses in some cases a criminal history doesn’t disqualify a new tenant it’s a real tricky subject. The circumstances are a huge indicator of a person’s character. Criminal history doesn’t automatically disqualify a tenant in my eyes.
5. Number of tenants – typically if the apartment is 0-1 Bedrooms no more than 2 people, 2 - beds 3-4 people etc. depending. I’ve approved 2 parents and 2 children both children same gender for a 2 bedroom in the past. It’s all about what can work in a real-world situation.
All and all Connecticut is a great place to live and work. I personally think Bridgeport is a great
location due to its proximity between New York and Hartford. You can get to downtown Manhattan or downtown Hartford within an hour and a half. Whether you’re looking to invest or rent feel free to give me a call for a 15-minute free consultation to discuss. I look forward to hearing from you!
Ray Martin, Ray Martin Stratford, Ray Martin Easton, Ray Martin Connecticut, Ray Martin Real Estate, Martin Caselli