Look for These Qualities When Renting to New Tenants [infographic]

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Finding new tenants is one of the biggest challenges of owning an investment property. At Thornburg & Associates, Inc., we can help you find new quality tenants when you need them. At the same time, it’s a good idea to know which qualities to look for in the people you rent to:  

  • Steady income—Without a steady income, you may find yourself constantly chasing down rent payments from your tenants. Verify that your potential tenants have a source of consistent income before signing the lease.

Look for These Qualities When Renting to New Tenants

  • Record of on-time payments—If your potential tenants made their rent payments on time and consistently before, there’s a good chance they’ll make rent every month when living in your property.
  • Positive credit rating—An applicant’s credit history can provide insight into how likely it is they will be able to make rent, in addition to their record of on-time payments.
  • No criminal history—Generally, it is a good idea to find tenants without a criminal background. This increases the likelihood your tenants will treat your property with respect.
  • References from past landlords—One of the best ways to find good tenants is to ask for references from old landlords. Request that your applicants put previous landlord contact information on their application for tenancy.
  • Ability to pay the security deposit—Even if you have respectful tenants living in your property, damage can still happen. Make sure your new tenants can pay the security deposit upfront to cover any potential damages that could occur to the property.