As a landlord, one of your biggest fears is having a property that sits empty for weeks or even months. Every day that rolls by marks another dip in your bank account. That said, the last thing you want to do is rush in a new tenant only to discover they’re stuck in a financial quagmire or have a long history of trashing homes and failing to pay rent. Plus, losing a tenant (even if you’re ready for them to go) brings its own slew of budget-busting costs beyond lost rent, including marketing and administration fees, screening costs and potential maintenance or required upgrades.
There are several reasons why finding a tenant is difficult. The answer lies in one simple word: qualification. To be considered a qualified tenant, you have to have the right combination of variables. This article will help you identify 10 specific things to look for when searching to fill a vacancy.
US SINGLE-FAMILY RENTS UP 2.9 PERCENT YEAR OVER YEAR IN FEBRUARY
- Rents for lower-priced homes increased faster than those of higher-price homes.
- Phoenix had the largest annual rent increase of the 20 analyzed areas in February.
U.S. single-family rents increased 2.9 percent year over year in February 2019, up from a 2.7 percent increase in February 2018, according to the CoreLogic Single-Family Rental Index (SFRI). The index measures rent changes among single-family rental homes, including condominiums, using a repeat-rent analysis to measure the same rental properties over time. Single-family rents climbed steadily starting in 2010, and annual rent increases have stabilized, fluctuating between 2.7 and 3.1 percent for the past 12 months.