There are many responsibilities that fall under a landlord’s jurisdiction. The stress of these responsibilities, as well as their complexity, is compounded when faced with problematic tenants. Evictions are one of the worst parts about owning a rental property, so taking the steps to avoid them can be particularly beneficial. Screening your tenants is a vital aspect to help you to spot the red flags in the early stages before they lead to significant problems with your business. 

Importance of Tenant Screening

Overlooking the tenant screening process is asking for disaster. There are many components to an effective tenant screening process. You need to have a thorough rental application, as well as require both background and credit checks. Interview your potential tenants to provide you with the opportunity to catch more potential red flags. Here at Keyrenter, we use a comprehensive tenant screening process to minimize the likelihood of problematic renters. 

Red Flags to Look out For

Knowing the red flags to look out for can help you to spot problematic tenants. Long gaps in employment may be a red flag, though this depends on the situation. Ensure that you ask the tenant about these gaps, as there may be reasonable explanations for them. An insufficient income or low credit score should be considered red flags when screening for new tenants. Sketchy or suspicious behavior, attempting to negotiate rent, a desire to move in within the week, and trying to delay the first payment are all red flags to watch out for. 

An effective screening process can help to ensure that your tenants are as high-quality as possible. In addition, when you obtain good tenants, you should put effort into retaining them. Strive to make the experience of good tenants as good as possible, so that they will want to stay in your property. To learn more about spotting red flags when screening tenants, contact us at the Keyrenter in Salt Lake today!

A recession can severely impact the economy, though the severity of this impact varies. Several experts agree that a recession is likely to occur within the next several years, despite the recent upturn in the economy. However, due to the necessity of housing, an economic recession is unlikely to affect the rental market as much as the unemployment rates. It may slightly impact the average rent and interest rates, but understanding the impact of a recession can help a landlord to combat potential devastation to their business.

Keep Your Tenants Happy

It is vital now, more than ever, to keep your tenants satisfied with living on your property. A recession may impact their budget, so you may wish to consider lowering the monthly rent payment. After all, a tenant that pays less rent than they previously were will still bring in more money than a vacant unit. Make sure that you consistently check your competitors’ monthly rates, because charging more than the average can be devastating to your business during a recession.

Don’t Panic

Ultimately, you should refrain from panicking when an economic recession is likely coming. There will always be a need for housing. In general, the likelihood of renting or selling property will depend largely on supply and demand. Houses are not being built at a rate that overtakes their necessity, which is why a recession will not have nearly as severe an impact on the rental market. In fact, an economic recession may actually benefit the rental market, as potential home buyers are more likely to wait to buy a home until more stable economic periods.

In the past, the Salt Lake housing market has been one of the most severely impacted in the country. It is important to make the necessary steps to prevent a recession from impacting your business. Keeping your tenants happy with living in your property is vital to prevent excessive vacancies on your rental properties. To learn more about the impact that a recession can have on your rental business, contact us at the Salt Lake Keyrenter today.