Tenant

A tenant is a person who rents out a property to use and live in. There are thousands of people in the world who look for rental properties. Landlords need to whet their tenants with care and choose a tenant who is reliable and trustworthy.

Types of tenants

Landlords often meet these types of tenants during their time as property owners and landlords:

  • Students Students form a large part of the people who look for houses for rent. While landlords may never have a dearth of student tenants, they may face problems regarding rental payments. Students, with their part-time jobs and restricted income, may not pay their rents on time and may be quite messy tenants. If a quick turnover is what you’re looking for, then students are your best bet.
  • Single professionals Many single professionals choose to sub-let their apartments to others to make ends meet. As a result, rental payments may not be much of a concern here. Additionally, given their consistent income and fixed work hours, single professionals are relatively low-risk tenants.
  • Small families Families are one of the safest tenants a landlord can find. There are no risks of misdemeanors or other problems that students or single professionals may bring. Additionally, families have steady income making rental payments a hassle-free experience.
    However, families with small children tend to be noisy and messy, making property safety a big concern.
  • DSS tenants DSS refers to Department for Social Security tenants or tenants who live under governmental benefits and housing benefits. These tenants fall into the high-risk category. First, DSS tenants may not have the money needed to make a deposit on the rental. Arrears and defaulting on rental payment are two other main problems.
    Another major cause for concern is the bureaucracy involved in accessing the housing benefits. Red tape doesn’t allow DSS tenants to get their hands on payment easily, resulting in tenants defaulting on their rents.

How to choose the right tenant

An ideal tenant is one who:

  • Has a good credit score
  • Has no criminal background
  • Has a clean rental history
  • Is prompt with payments

An important thing to remember is that there is no such thing as the perfect tenant. Landlords need to conduct a due diligence to understand the history of the applicant before renting out the property. Additionally, taking out landlord insurance will protect landlords from all the common tenancy problems that they are sure to face.