Questions You need to ask before renting to tenants

Not only can it affect your bottom line, but it also has far-reaching implications in terms of safety and security. As such, it’s essential that you take the time to ask potential renters some key questions before signing any rental agreement. Doing so will help ensure that you choose a tenant who is reliable and responsible enough to handle the financial obligations associated with renting from you. To get started, here are 10 questions every landlord should ask their prospective tenants before agreeing to rent out their property.

What Makes the Ideal Tenant?

Finding the perfect tenant requires careful consideration, with three key elements essential for success.

• Firstly, rental income should be triple that of the monthly rate to ensure sound financial security and peace of mind.
• Secondly, references from past landlords can offer a useful insight into potential behavior.
• Finally, an acceptable credit history is also fundamental in evaluating a prospective renter's suitability.

Ensuring three key elements helps to ensure the success of any rental agreement. We can be sure that tenants have a:

• steady source of income
• will pay rent on time
• and take proper care of the property.

Top 10 Screening Questions to Ask a Tenant

1. When do you plan on moving in?

When looking to fill a vacancy, it's important to identify the right candidate. A great starting point is understanding when they're planning to move in - will their current lease be up soon? If so, you should seek out tenants with an immediate need; however if they've notified of departure two months prior, finding someone who can wait might make more sense.

2. How long have you lived at your current address?

A basic tenant screening question is knowing how long they’ve lived at their current place. Their answer can give an idea of their stability as a long-term tenant. For example, have they lived there for less than a year? In that case, it’s good to find out why. It may be because of relocating with work or another legitimate reason.

A tenant who is constantly on the move may be a sign of a problem tenant, and there’s a risk they won’t stay for the entire lease agreement term.

3. Why are you moving?

When considering a prospective tenant, it's important to understand their motivations for moving. Do they need more space or are trying to live closer to family? It could be that the current rent is too high, or perhaps something unforeseen has occurred which necessitates relocating. Asking this question during screening can help alert you if there are underlying issues; such as an eviction notice from their previous residence due them falling behind on payments. When vetting tenants always do your due diligence and trust your gut!

4. Do you have pets?

As a landlord, it’s important to be aware of your pet policy and any size or breed restrictions that apply - this should all be outlined in the rental agreement. Additionally, consider requiring potential tenants with pets to undergo screening on their animals prior to signing an agreement. And remember; service animals are not classified as “pets” when granting housing rights for prospective occupants – so make sure you have proof of legitimate emotional support animal letters if applicable!

5. How many people will be living with you?

When renting multi-tenant accommodation, it's essential to be aware of rental laws that may limit the maximum number of people who can occupy each bedroom. Furthermore, all tenants living in the apartment on a permanent basis should ensure their names are included on lease agreements.

6. Are you or anyone who will be living in the apartment smokers?

When screening tenants for rental agreements, it is important to not only document the smoking policy and possible repercussions in writing but also inquire as to whether they smoke. This can give you insight into their character and help determine if your expectations will be met throughout the lease.

7. What’s your current income?

Knowing a prospective tenant’s income is essential when considering the rental of your property. According to Harvard Study, it's important for tenants to not exceed 30% of their overall earnings on housing-related expenses in order to maintain affordability and prevent nonpayment or eviction from occurring. It might seem intrusive but asking an upfront question about earning can protect you against any potential troubles down the line!

8. Have you ever been evicted?

Evaluating previous eviction records can be an important step in assessing a potential tenant. It's important to consider the full context and learn if extenuating circumstances led them to leave, or whether sufficient time has passed for their current credit history not to suffer from any past evictions. Ultimately this knowledge should help you ensure your investment is protected going forward.

9. Do you have current or previous convictions?

When considering a potential renter, it is important to observe local laws and regulations that could restrict the type of questions you can ask. Questions relating to criminal background should be carefully considered since they may potentially violate the Fair Housing Act or other federal legislation. When permissible, inquiring about convictions provides insight into an applicant's suitability for renting - though asking about arrests must be avoided as this does not always indicate guilt under law.

10. Can you pay the security deposit and one month’s rent at the lease signing?

To make sure the tenant is equipped to cover all of their rental responsibilities, be sure to inquire about any upfront costs or clarifications they may have. That way you can both feel comfortable and confident that this new living arrangement works for everyone involved!

Conclusion

Finding the perfect tenant begins with asking essential screening questions. However, don't forget to back up answers provided by doing thorough research - it's always best practice when making such an important decision!