In the aftermath of Hurricane Sandy home owners and property managers are scrambling to make repairs on both vacation rentals and the rental season.
A state report on tourism released last week called it the $22 billion question: Will the shore be ready for summer? Rentals are the key to that, and to the shore economy, which in turn generates half of the state’s $40 billion tourist market. With fewer renters, restaurants and stores do not see as much business, cannot hire as many people, or generate as much tax revenue for a state already suffering from losses to the property base. http://www.nytimes.com/2013/03/27/nyregion/shore-rebuilding-renters-go-south-for-summer.html?pagewanted=all&_r=0
The effect of rental loss is obviously devastating but there are a few homes that survived the hurricane relatively unscathed. However, beaches remain closed or severely damaged, the boardwalks requires massive repairs, and some streets remain impassable.
The remaining rentals on the market may be available at greatly reduced cost as homeowners become desperate for income. With that desperation short-cuts may be taken in order to get a vacation renter.
Adam Almeida, President and CEO of TenantScreeningUSA.com said: “Vacation property owners may think that the cost of a tenant check is something that can be eliminated in the rental process; however this is not a good idea. It is very risky to forgo tenant checks which only cost around $25 to place. This small amount of money equates into a large amount of value and not a wise place to cut corners.”
It is a challenging situation.
Even some houses that are ready to rent are having a hard time finding tenants; it’s no one’s idea of a summer vacation to see a house off its foundation two doors down, or hear contractors up the street sawing at 7 a.m. http://www.nytimes.com/2013/03/27/nyregion/shore-rebuilding-renters-go-south-for-summer.html?pagewanted=all&_r=0
One must consider the cost of the smallest renovations or repairs when renting. There are individuals willing to take advantage of the situation by renting a repaired home and vandalizing that property. A vacation tenant check will help alleviate that possibility.
Tenant screening is a low-cost tool in vetting potential vacation renters. Most owners and/or property managers utilize this tool as a part of the rental process. Even in the best of times tenant screening should be conducted as a routine step in renting out a home or multi-unit dwelling.
“It is easy to think that renting a property for a week or two at a time is different than renting a property long-term, but it is not. Short term rentals should be treated as if they were long-term. The same issues with a bad tenant can arise regardless of how much time they occupy a property,” Almeida said.
Utilizing a third-party background screening company, such as TenantScreeningUSA, is the best way to vet a potential vacation renter.
“Even in these challenging times post-Hurricane Sandy it is critical to conduct thorough tenant checks,” Almeida added.
TenantScreeningUSA.com provides full service background screening to landlords and property managers of any size. The site also provides affordable tenant checks to every landlord whether it is a long-term permanent rental, or a relatively short-term vacation rental.
