Tenants & Screening

The Vacancy Trap: When Getting a Tenant Quickly Costs More

An empty rental property costs money.

That creates pressure.

Every week without a tenant feels like lost income, and landlords can understandably become eager to accept the first applicant who appears able to pay the rent.

But vacancy has a visible cost.

A poor tenant can have an invisible one.

Consider the difference between losing another two weeks of rent while properly screening applicants and accepting a tenant who later develops persistent payment problems, damages the property, generates complaints or requires formal action to resolve the tenancy.

The second outcome can cost substantially more than the vacancy you were trying to avoid.

This doesn't mean landlords should reject perfectly suitable tenants while waiting for an imaginary “perfect” applicant.

It means speed should never replace process.

Before approving an applicant, consider:

•   affordability;

•   income stability;

•   credit information;

•   previous rental history;

•   supporting documents;

•   references;

•   occupancy requirements; and

•   anything material disclosed during the application.

There is another danger.

When a property has been vacant for longer than expected, the problem may not be the applicants.

The asking rent, presentation, photographs, property condition or marketing strategy may need attention.

Reducing your screening standards doesn't fix an incorrectly positioned property.

Own the Property. Not the Admin.

If you're a hands-on landlord who wants to remain in control of your property without carrying all the administrative workload yourself, see whether LeasePilot is the right fit for you.