As a property owner or landlord, selecting the right tenants is one of the most important decisions you can make. The quality of your tenants directly impacts the success of your rental business, your cash flow, and the overall condition of your property. On the other hand, finding affordable housing as an international student in the U.S. can be equally challenging. With the right tools and knowledge, you can find a great place to live that fits your budget.
This article will cover essential tenant screening strategies for landlords to ensure that they’re choosing the best tenants. Additionally, we’ll guide international students on how to find affordable housing in the U.S. using RentYard, a platform designed to streamline your rental experience.
Looking to Rent? Try RentYard
How to Choose the Right Tenants: Screening and Selection Strategies
When it comes to renting out a property, tenant screening is essential. A poor tenant can lead to late rent payments, property damage, and a stressful landlord experience. However, with the right screening and selection strategies, you can mitigate these risks and find tenants who will respect your property and pay rent on time.
Here are some effective steps to help you choose the right tenants:
1. Create a Clear Tenant Screening Process
Having a well-defined screening process is the foundation of selecting good tenants. Establish clear criteria for your ideal tenant before you even begin accepting applications. These criteria may include factors such as income requirements, credit score, rental history, and criminal background.
Tip: Be consistent with your screening process for every applicant. This helps avoid discrimination and ensures that all applicants are evaluated based on the same criteria.
2. Require a Completed Rental Application
A rental application form is one of the best ways to gather essential information about your applicants. This form should ask for personal details, rental history, employment information, references, and consent to conduct a background check.
Why This Matters:
The rental application gives you a comprehensive view of the applicant’s background. It’s the first step in determining whether they meet your basic requirements and are serious about renting your property.
Tip: Make sure your rental application complies with local laws, especially regarding the collection of personal information.
3. Conduct a Thorough Background Check
A background check is a must when evaluating potential tenants. This check should include:
- Credit Report: This will give you insight into the tenant’s financial history and whether they’re likely to pay rent on time.
- Criminal History: While certain criminal convictions can disqualify tenants, landlords must follow local laws regarding this. In some areas, you can only consider certain offenses.
- Eviction History: A history of previous evictions can be a red flag.
Why This Matters:
Background checks help you identify potential risks early in the screening process. It can help you avoid tenants with a history of non-payment, property damage, or legal issues.
Tip: Use tenant screening services that offer credit, criminal, and eviction reports for a comprehensive view of the applicant’s background.
4. Verify Employment and Income
It’s crucial to verify that your potential tenant has a steady income to pay rent. Typically, tenants should make at least three times the monthly rent in gross income, although this ratio can vary based on the area or your property type.
How to Verify Income:
Ask for pay stubs, bank statements, or an employment verification letter. Self-employed individuals can provide tax returns or bank records to confirm their income.
Why This Matters:
Verifying income ensures that the tenant can afford the rent. A reliable income is a key indicator that the tenant will be able to make timely rent payments.
Tip: Be cautious of tenants who seem to stretch their budget too thin. Tenants who spend more than 30% of their income on rent can struggle to make timely payments.
5. Check Rental History and References
Contact the applicant’s previous landlords to inquire about their rental history. Ask questions like:
- Did the tenant pay rent on time?
- Was the tenant respectful of the property?
- Were there any issues with the tenant’s behavior or cleanliness?
Why This Matters:
A tenant’s rental history is often a reliable indicator of how they will behave in your property. If an applicant has a poor track record with previous landlords, it’s a red flag.
Tip: Contacting references, including both previous landlords and personal references, helps verify the tenant’s character and reliability.
6. Meet the Tenant in Person
While it’s possible to screen tenants entirely online, meeting the tenant in person (or via a video call) can give you a better sense of their personality and reliability. In some cases, you may feel more comfortable renting to someone you’ve had a face-to-face conversation with.
Why This Matters:
Meeting tenants allows you to get a sense of how they present themselves, which can sometimes provide more insight into their responsibility and maturity.
Tip: Use the meeting to clarify expectations, such as the rental terms, payment methods, and house rules. This helps both you and the tenant know what to expect.
7. Use a Lease Agreement to Set Clear Expectations
Once you’ve selected a tenant, it’s essential to have a lease agreement that outlines the terms of the rental. This legal document should cover rent amount, payment due dates, maintenance responsibilities, and consequences for breaking the lease.
Why This Matters:
A clear lease agreement helps prevent misunderstandings down the line. It protects both the landlord and the tenant and sets expectations for the length of the tenancy.
Tip: Ensure that both parties sign the lease agreement before the tenant moves in.
How International Students Can Find Affordable Housing in the U.S.
For international students coming to the U.S., finding affordable housing is often a top priority. However, the U.S. rental market can be competitive, and without local knowledge, it can be difficult to find budget-friendly options. Fortunately, RentYard can help streamline your search and connect you with affordable rental properties.
Here’s how you can find housing with RentYard:
1. Start Early and Use RentYard’s Search Filters
International students should begin their housing search as early as possible, especially if you’re arriving in the U.S. for the first time. RentYard makes it easy to browse listings by location, price, and amenities. You can filter by your desired budget, whether you’re looking for shared accommodation or a small apartment.
Tip: Narrow your search by using RentYard’s location filters to find listings near your university or college campus, which will save you time and transportation costs.
2. Look for Roommates to Save on Rent
Renting a room in a shared apartment or house is one of the most cost-effective ways to live in the U.S. RentYard offers room rental listings where you can find roommates who are also looking for a place to live.
Why This Matters:
Roommate situations can reduce your overall rent and utilities cost, making it much easier to stick to your budget. Additionally, sharing a living space is a great way to meet new people and settle into your new environment.
Tip: RentYard allows you to connect with others looking for roommates, making it simple to find affordable options that meet your needs.
3. Find Listings with Transparent Pricing
One of the challenges international students face is understanding the pricing structure of U.S. rental markets. RentYard offers transparent listings with clear rent prices, security deposits, and lease terms. This is essential for students who may be unfamiliar with U.S. rental practices.
Tip: Always check for any additional fees, such as utilities or maintenance charges, to avoid surprises when you receive your first bill.
4. Access to Virtual Tours and Online Applications
RentYard allows you to view listings with detailed photos and virtual tours, so you can get a feel for the space before committing. If you find a property you like, you can also submit your application online, even if you’re still overseas.
Why This Matters:
This makes the process much easier for international students who may not have the time or ability to view properties in person before moving to the U.S.
Tip: Be sure to check the application deadlines and gather all necessary documents, such as proof of enrollment and financial stability, before applying.
5. Customer Support for International Students
RentYard’s customer support is available to assist international students with the rental process. Whether you need help with your application or have questions about lease terms, RentYard’s team is there to guide you through the process.
Looking to Rent? Try RentYard
Conclusion
Choosing the right tenant for your rental property and finding affordable housing as an international student are both essential steps in ensuring a successful living experience. Landlords can use comprehensive tenant screening methods to find responsible tenants who will respect their property, while international students can use RentYard to find affordable, well-located rental properties with ease.
If you’re looking for a rental property in the U.S., whether as a landlord or an international student, RentYard is here to help. Start your housing search today and make the process as smooth and stress-free as possible!
Find your perfect rental with RentYard now and enjoy a seamless rental experience!