How to find the best tenants

What is a tenanted home?

A tenanted home can be a house or flat for which you own the freehold / leasehold but you rent out the property to tenants who pay you a monthly rent to live there. Tenants can be single occupants, couples, families, friends, or any other type of person who pays you to rent your home.

As the outright owner of the home you have the power to sell it whenever you want, but if you are content with your tenants and they are paying their rent on time you might want to keep that situation going as a nice way to earn some extra cash. And because the people renting your home might be living in it for many months or years, you want to know that they are the best tenants in terms of trust.

A happy tenant will keep your property in good condition and avoid any conflicts with you, whereas a bad tenant might miss payments, damage your home, or cause other problems. This can create issues that take a lot of time and money to resolve. In the worst-case scenario you might want to kick out a terrible tenant yet they could refuse to leave. This will require that you launch eviction proceedings which again will cost you significantly in time and money.

How can I make sure I find the best tenants for my home?

Thankfully, you can typically narrow down the search for tenants from prospective applicants by reviewing various factors about each person. Consider the items on the list below as you assess potential tenants, because they can help identify good and bad candidates:

Pay for a background financial check

There are companies online, such as Experian, that offer special background check services for landlords through which they’ll give you a report on a tenant’s employment and credit history, and more. This can alert you to any potential problems with their character or financial past.

Take your time before choosing your tenants

If you rush the selection process then you risk overlooking an important piece of information about a potential problem with one of your applicants. Unless there is a pressing financial need to quickly approve someone, you should take your time and methodically review the applications to search for any warning signs.

Make sure that your tenant has steady employment

You should ask your prospective tenants whether they have a steady job, because they will only be able to pay your rent if they receive a regular wage. Seek tenants whose monthly income can easily cover the rent with plenty of money left over. And if your tenant is self-employed ask them for proof of their income before approving them.

Talk to them and do your own research online

It might sound simple, but having an in-depth interview conversation with a tenant candidate can be a great way to see whether you instinctively trust them and whether they say anything alarming. You should also search for them online, as their social media accounts and other results might alert you to any negative issues.

Prohibit tenants from having pets at your apartment

Some landlords will tell you the attribute they most want in a tenant is the ability to keep the home spotless. That’s why many landlords will prohibit tenants from having pets, because dogs, cats, and other animals can cause mess and damage your home. If neatness is your priority, the best tenant for you will be one that doesn’t have pets.

Look after your house or flat to keep your tenants content

When your tenants are happy, they are much more likely to keep your property clean and to pay their rent on time. Retaining good tenants is also partly the landlord’s responsibility because you need to respond quickly to any issues they raise, and provide whatever services you committed to in your rental agreement. An unhappy tenant is much more likely to cause negative issues at your property, whether that is through not cleaning the flat, not paying the rent, or any other adverse act.