How to Find a Good Tenant

Renting out a residential property can bring in a steady stream of income, but only if you find a responsible tenant. Removing an undesirable tenant can be a tedious and expensive undertaking. Knowing what checks to undertake prior to offering a lease to a tenant can save you a lot of time and money.



Run a Credit Check



Ask for each potential tenant’s permission to run a credit check. The check will provide the names of their creditors, their payment histories, bankruptcies and any other indications of their financial stability. It is wise to disregard the application of anyone who won't allow a credit check.



Ask for Proof of Income



Proof of a stable income is a strong sign that your prospective tenant can handle monthly rent payments. Ask for proof of income from jobs, child support, investments or government benefits like Social Security. An excellent credit history and well-funded savings account also indicate a financially dependable rental applicant.



Get Personal References



Smart property managers ask their rental applicants for a minimum of three character references. Being a good tenant means more than paying the rent on time. It means being a considerate neighbour, not damaging the rental property and notifying the property manager as soon as a repair is necessary. Having several people vouch for a person's character eliminates much of the worry about the safety of your rental property.



Talk to Previous Landlords



Nobody knows how a potential rental tenant will work out better than the people who have already rented to that person. Previous property managers can provide a wealth of information about a tenant's financial reliability, personal behaviour and ability to get along with the neighbours. 

Following these four steps greatly increases your chances of finding the good tenants who make owning a rental property profitable and fun.

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