Numerous communities across the country face a rental housing crisis, one that continues to boil. Eventually it could become the “front and center” challenge that pushes politicians to make bold statements and complicated laws. For now people are finding different means of rental housing.
Rental housing comes in a variety of forms and the most common type is an apartment.
Apartment living has become a very popular type of housing for millennials as they tend to be more transitory than previous generations. Having lived through the Great Recession in the early 2000s has made them skittish about settling down and, further, they also have no fears in traveling around the country in search of the perfect job.
Moreover, the ability to move around the country and working high paying jobs has allowed millennials, and others, to pay more for rental housing. Additionally, they have placed greater demands on amenities, such as roof top pools, concierge services, and on-site gyms, and they are willing to pay for it.
The option of paying more for a smaller apartment is not for everyone and one of the options might be renting out a room in a single family dwelling or larger apartment. As generations grow older, kids grow up and move away, downsizing from a house that is paid for might not be the next step. Renting out a room may be a good way to earn additional income. And, in other cases, having someone to share the rent is not a bad thing.
Adam Almeida, President and CEO of TenantScreeningUSA.com states: “Renting out a room should be handled in the same way as renting out an entire property. Applicants should go through a thorough vetting process, one that includes a tenant check.”
From a recent article posted to WTOP.com (Apr. 25, 19):
It isn’t enough for a tenant to look good on paper. “Tenant screening for live-ins is critical,” says Glenn Carter, the chief editor of Condo.Capital, an Ottawa, Ontario-based digital content platform for condo buyers and real estate professionals. “I’ve heard so many horror stories of bad tenants making your life difficult by being messy, not respecting the space, being up all hours of the night and so on,” Carter says. He also suggests walking the prospective tenant back to his or her car “to see how tidy they keep it” to get a sense if the tenant is neat. (1)
Almeida adds: “Whether it is a room in a house, the spare room in an apartment, or the Mother-in-law apartment over the garage, a tenant check goes a long way in understanding and verifying the information provided on a tenant application.”
Tenant reports often include (but are not limited to):
- Consumer credit report
- County Criminal History report – Statewide Criminal Check or National Criminal Background Check
- Sex Offender report
- Eviction Records report
Almeida concludes: “A best practice remains for anyone wanting to rent out a room, especially in letting a potential stranger in a household, is to conduct a thorough interview and investigation, one that includes a tenant check.”
In the end Tenant Checks do not have to “break the bank.” TenantScreeningUSA.com is a third-party tenant screening company that offers affordable, thorough, and secure background screening for landlords and property managers. TenantScreeningUSA.com can create a tenant screening package unique to the requirements of rental properties large and small.
Notes:
(1) https://wtop.com/news/2019/04/considerations-when-renting-out-a-room/
