People that are looking for a livable, yet affordable NYC apartment may face plenty of challenges along the way. The City is famous for being a mecca for young professionals and millennials looking to uproot their lives and explore numerous cultural, business, and entertainment opportunities. Since it’s often referred to as the city of renters, the local real estate scene has always been intense and dramatic. No matter how beneficial owning an apartment may be, choosing an NYC tenant is not still a straight-forward task.
For everything that it has to offer, moving to New York may enhance your lifestyle in ways you can’t even imagine. And it involves a lot of important decisions like choosing the right neighborhood, an experienced real estate agent, professional interstate movers NYC, and a likable landlord.
Whether you are the first-time renter or more of an experienced apartment hunter, dealing with the chaotic real-estate market can be a real ordeal. When researching affordable NYC housing options, many people end up disappointed and hit by reality. Realizing that the apartments within their budget are actually small studios barely large enough for one person may come as a shock. So, it’s highly recommendable to get all necessary information about NYC real estate trends before you embark on a tiresome quest. However difficult it may seem, tenants usually face some additional, intimidating requirements during the apartment-hunting process. From the landlords’ perspective, it’s a standard process for choosing an NYC tenant who would take care of the property as if it was his own.
If you need a little guidance on how to pick the right tenant, you are in the right place.
How to spot a good tenant
Owning an NYC apartment may seem like a blessing, but it also comes with several responsibilities. From preparing an apartment for renting, selecting tenants, collecting monthly rents to managing utility bills, some complications can make an already arduous task even harder.
As it turns out, dealing with disrespectful tenants can be a source of major troubles and inconveniences. A good relationship between landlords and tenants is beneficial for both parties, so screening prospective tenants may help you find the right fit. A healthy relationship based on respect is every landlord’s ultimate goal. But, to achieve it, both sides should play by the rules and should be willing to meet each other hallway. While choosing an NYC tenant requires quite some time and effort, it certainly pays off in the end. Knowing that your property is in good hands may give you the peace of mind that you need.
As no one likes tracking down late rents or repairing intentional property damage, here are some of the most common strategies landlords are using to spot the best tenants.
Screening prospective tenants
Interviewing and researching potential renters is an encompassing task that may keep you away from undesirable tenants. Here are some of the most important elements of choosing an NYC tenant.
Request a rental application when choosing an NYC tenant
Have every prospective tenant fill out a rental application. You can either get one from the local real estate
Association or create your own, including all important question. A rental application will give you a broad picture of the tenants’ personal and financial situation. It should also state that a prospective landlord will run a background check requesting a criminal report history and a credit score.
By using the following questions, you may be able to tell quality tenants from the undesirable ones.
- Do you have a stable job?
- What’s your monthly income?
- Will you be able to cover the security deposit and first month’s rent?
- What date would you like to move in?
- How long have you lived in your current residence
- Why are you moving to?
- Do you move often?
- Do you have a pet?
- How many people will be living in the apartment?
- Can I get references from your employer or former landlord?
- Have you ever been evicted?
- Have you ever broken a lease?
- Do you agree to a credit history check?
- Will you be smoking in the apartment?
- Are you able to commit to at least a one-year rental agreement?
Running a background check on your tenants
With the tenants’ consent, you can run a background check always treating all candidates equally. According to the Federal Fair Housing Act, there must be no preferences based on religion, sex, race, or national origin. When checking the tenants’ credit score, your main goal is to identify financially stable and responsible individuals. Getting a credit check is not free of charge, and it’s usually up to the tenants to cover the cost of it. The purpose of such an investigation is to:
- Verify if tenants’ monthly income equals at least three times the monthly rent;
- Ask for copies of their pay stubs;
- Get in touch with their employers for further information;
- Verify if they pay bills on time;
- Check for potential criminal records;
- Look at the tenants’ rental history by contacting their previous landlords.
What traits to look for in a tenant?
Without a doubt, finding a dream tenant is what every landlord would like to achieve. Aside from a good credit score and clean criminal background, here’s the list of some of the most desirable qualities to look for in a tenant.
As it turns out, an ideal tenant:
- Pays monthly rent on time.
- Treats the apartment as if it was his/her own.
- Keeps the rental tidy and clean.
- Sticks to his/her maintenance tasks and responsibilities.
- Brings any maintenance issues to the landlord’s attention.
- Values an open communication and an honest relationship with the landlord.
- Respects lease terms.
- Is honest and approachable.
Needless to say, a great tenant-landlord relationship is beneficial for both parties. While choosing an NYC tenant can be a daunting process, it proves to be well worth the hassle.