How to Reduce Vacancies in Rental Properties
Every vacant month costs you rent. Practical strategies South Jersey landlords can use to fill units faster and keep good tenants longer.
Read articleChoosing a tenant is the biggest decision you make as a landlord. A good tenant pays on time, takes care of your home and stays for years. A bad fit can mean missed rent, damage and a long, expensive eviction.
A single problem tenancy can cost months of lost rent plus legal fees, repairs and another vacancy. Screening takes a few days, and it’s the best protection you have against those losses.
Every adult applicant should complete an application listing their current and past addresses, employers, income and references. Incomplete applications are a warning sign.
Confirm the applicant can afford the rent. Many landlords look for gross monthly income of around three times the rent. Verify it with pay stubs, offer letters or bank statements, and by contacting the employer.
Previous landlords are one of your best sources. Ask whether rent was paid on time, whether the property was left in good condition, and whether they would rent to this person again.
A credit report shows how an applicant handles financial obligations. Background checks must follow New Jersey law. Under the Fair Chance in Housing Act, most landlords can’t ask about criminal history until after a conditional offer, and even then only certain records may be considered.
Fair housing laws prohibit discrimination based on protected characteristics. In New Jersey that includes source of lawful income, such as housing vouchers. The best way to stay compliant is to write down your screening criteria in advance and apply them the same way to every applicant.
At Green American Property Management, we review every application, verify income and employment, check rental history, and run credit and background checks where permitted. We use the same written criteria for every applicant, so you get qualified tenants and a fair, documented process.