quality of recent tenant applicants (Rochester, East Rochester: real estate, lease, credit report)

[RentingER]

I am a landlord in East Rochester NY. I have a couple properties in the heart of the village and I am shocked how terrible the quality of tenant applicants have been as of late. They have progressively declined over the last several months. I am selective in the sense all tenants who apply must purchase a credit report before signing a lease and a security deposit is a requirment not an option. I certainly don't expect perfect scores just honest hardworking individuals that will pay on time every month.

The properties themselves are renovated, nice quality units that are at fair market value.

Where are all the good tenants in this town?

Moderator cut: advertising real estate

[rochacha]

Probably taking advantage of the $8000 tax credit. That goes a long way around here.

[Rootz]

Also, not everyone is going to have a 500+ score. Not giving someone a chance because they may have made mistakes when they were younger isn't always fair.

[nycnot4me]

RentingER: What attributes help you determine the quality of the applicants?

I lived in a single family home in Teaneck, NJ for 31 years and I'd like to get as far away from NYC as possible and still be in New York. The thing I am concerned about is finding a "nice" place to live and I hope this forum can help me get started.

[RowingMunkeyCU]

Originally Posted by Rootz

Also, not everyone is going to have a 500+ score. Not giving someone a chance because they may have made mistakes when they were younger isn't always fair.

If I was a landlord, I can't say I'd trust anyone with a sub 500 credit score either... Chances are your financial priorities are way out-of-whack if it is that low. If your score is that low, I'd want extra proof that you have the ability to pay... something along the lines of a detailed budget breakdown, including all outstanding debts.

I'm 25, and have never missed or had a late payment (currently my only debt is my student loans ~38k, but I've had a car loan, and credit card balances in the past). My credit score is over 800, it's not that hard to just pay on time, cut back extra expenses when needed, or find an extra job to make ends meet. At one point, I was working over 90 hours per week at 2 full-time jobs so I could get some of my debt paid off sooner.

I've been renting for the past 4 years, lived with my parents or in dorms before that. I'd like to see more responsible landlords, and landlords that are a bit more generous with their tenants. My current landlord/property managers are fairly decent, the rent is fair, the buildings are secure and clean, the management does it's best to just let you live your life (no invasive 'inspections'), the parking lots are plowed well and only rarely do I have to walk through more than an inch of snow to get to my car.

My biggest gripes are the exorbitant rent that a lot of places charge, along with the absolutely ridiculous non-refundable pet deposit and pet rent. Charging $200 for one cat, and another $25-40 per month for it obscene, or allowing dogs only under 20 lbs. For that amount, the landlords could re-carpet the entire apartment annually (for the standard 1br apartment, with the typical cheap carpet), not to mention the actual deposit on the apartment if the carpet was soiled that badly.

I can understand not allowing certain dog breeds due to insurance restrictions (which are also dumb, but nothing the apartment mangers can do anything about). But to restrict it to dogs less than 20 lbs... you're limited to Pomeranians, and other toy breeds that no self-respecting guy would be caught dead owning. I say if the owner can show proof that the dog has taken, or is enrolled in obedience training, along with having a vet they see regularly (with proof of shots, immunizations, etc) and mandating the renter carry renters' insurance they'd be fine.

Edit: In reality, landlords should be looking at the average income for the area per household. In this case, the median (which does a better job of eliminating statistical outliers) is ~$51k annually (source: US Census - Monroe County). A fair rent would be taking about 1/4 to 1/3 per month of the person's take-home pay... which for a $51k annual income would be ~$745 - ~$990 per month, picking somewhere in that range depending on location, amenities, etc.

[Rootz]

Honestly though I judge people by their attitudes and what they have to work for, a bad credit score doesn't turn me off to a potential candidate. I've never had to evict one of my tenants and some of them have terrible or no credit, it can't always be about the numbers.