Nobody qualifies. I know I’ve been saying it over and over, but holy crap! You can relax your standards given the market to a degree, but when credit scores in the lower 500’s and upper 400’s become normal with tons of collections, something has to change.

Agreed.

The tenant pool has reached the bottom.

We are not yet ready to sell most likely bc we re-entered the game in Sept 2019.

All spring and summer, I only had 5 quality candidates out of 205 responses, but they ghosted me soon after seeing the "backpack"people wandering around. It used to be that the hot time in the northeast to rent was in the summer. No longer since personal responsibility plus law and order went out the window, mostly in BLUE states. Good people see bums wandering around and it becomes a deal killer.

True to form as the weather cools, I'm getting some decent prospects although far and away the unrentables are desperate and banging on the door so to speak.

I have TWO showings for my "vacant for 6 months while trying to find a reasonably responsible tenant" tomorrow! These people passed the prequal.

Oddly enough, the newly rehabbed townhouse went extra fast!

I guess I am either lucky or my area is just not as bad.

Had one empty, filled it before I was done cleaning. Used it to show another couple since it had same layout.

Got that rented before I took it back. Spent a day touching up and cleaning a couple missed spots and they have been good tenants as well.

Working on the really bad apartment. I have it tentatively rented out as well. Another tenant sending people my way. They have not filled out the application yet but I feel good that I will fill it either way.

Have two more coming open in a matter of weeks. One will be quick to market, the other I need to update completely.

Of course I do not delve into the credit score as much as I should (maybe). I just go on past performance. Well, one couple had no background because they are so young.

Zillow and my crappy little website.

I feel your pain. Often with my lower rentals (Low Income Tenants), I come across the same issues. Poor credit scores, a lack of cash reserves, and short time on the job.

So I did an "experiment", and it WORKED! I found over qualified applicants. I'm going to share my methods with everyone here.

My building was nothing special. Located on a crowed side street, with a minimum setback from the sidewalk. A 20 foot deep disaster of scrubs, plants and trees. The only saving "grace" was the property's street was attached to a main drag with shopping, strip malls with the usual convenience stores needs -- laundry mat, Pizza place, Subway, Pep Boys Auto and more.

So I said to myself, "What could I transform this junk property into a Yuppie retreat"? I would need a consultant, contractor, visionary and a bucket of money. Wait, for 47 years I've been the owner or rentals, contractor, investor and property manager. I could hire myself at bottom of the bucket prices.

So I spared no expense, and set aside $5,000, a drop in the bucket. Here is what I did:

1) I removed the block wall short fence isolating my 20' x 60' front yard, containing my jungle of plants. Only 3 sides. I also rented a large dumpster, 20' x 10' x 6' high.

2) I then cut down and removed all trees, scrubs, plants and hidden junk. I also removed the tree stumps. All put into the dumpster.

3) I tilled the soil and removed all of the old sprinklers and pipes.

4) I installed a new Copper 2" water main and sewer pipe (ABS) with a clean-out snaking port.

5) With a design and permits, I built a curved driveway that one could enter from my curb driveway entrance, then exit thru the other side neighbors driveway/curb. I also owned the smaller rental next door.

6) I then painted a temporary parking area for:

A) People trying to rent (Applicants)

B) People waiting for tenants (Now instead of someone always blocking the long driveway to the rear parking area, with no street parking) there were FOUR (4) parking spots for limited short term use.

Cars could drive on to this area and park at a slight angle. Have room for 4 cars. Each spot was 10' wide and any vehicle with a length of 15" to 18" could easily fit.

Also I put down a limited grass area, between the sidewalk and the new concrete driveway/parking spots. I added a table and benches, bolted down in place.

I had signs professionally make showing what this area was for. Users were required to write down their cell phone numbers. If any one parked beyond 20 to 30 minutes, the needed to be called to move or get a time extension. Or they would be towed.

I went to a auto shop down the main drag and allowed them to park a "fancy" car in one spot, making people think that tenants were high end earners. The shop was a Mercedes authorized repair shop.

Two spots had signs, "Parking for Guests looking to rent during a vacancy showing".

This changed my jungle zone into a show place -- table with chairs, temp parking and made an area for tenants to use of loading and unloading.

Then people came, parked and looked at my rentals. I HAD TO REPLACE THE ENTRYWAY CARPET WITH LAMINATE. 12mm high end, at lumber city it was half off and I installed it myself.

Now the building changed from an over grown Section 8 DUMP, to a West Side type of rental, in the east san fernando valley off of Lankershim ave and Oxnard Blvd.

I then raised my asking price in my ads. From $1,495 with a 2 months deposit, a $4,500 move-in. Something that low income families never had. I listed my 1 bedroom, with appliances for $1,995, with a 1 month Deposit. Move in $4,000.

Now the people showing up who could afford a $2,000 a month rent where of a higher class. Credit scores from the low 600's to nothing below 740. Income instead of $4,000 a month, to some one making over $6,000 a month.

I then had 1 surprise. If they paid their Rent Early (Before the 1st) they would get a $100 a month credit, if they had no negative issues with management. And the credit would go towards next months rent-- and that rent too had to be an early payment.

No this 9 unit property had over achievers, instead of drunks and Section 8 rejects.

I've been trying to fill a couple of places for about a month. I've had over 100 inquiries and out of that about 6 have completed pre-screening. I had 3 showings and one paid app who has not completed it (and probably won't).

Today I decided to hire a realtor and put in on the MLS. It will cost me a half months rent but they can do the running around showing and etc. If they succeed, it will be worth it and will offload a frustrating task.

I wonder how much the huge rent increases have actually caused most of this problem?

I have increased my rents since 2020 but nothing at all like is being said for other places.

Maybe the max has been overstepped as far as rents go?

Almost never denied for income. Many are close, but have enough to squeak by. I do a lot of denials for type of dog, but mostly, it is credit.

I get the occasional criminal record, but those are rare.

2025 so far:

8 availabilities (didn't realize we had so many, none have been an issue that I remember, once they were full.)

292 total inquiries that actually filled out the preview questions. I don't know how many more who didn't.

DQ'ed through Preview Questions, before showing:

72 for income

42 for smoking

21 for too many applicants for space (we have small spaces)

16 for pet policy of some sort (not neutered, yappy dog etc)

15 for "attitude"

Most that are DQ'ed for anything other than income also had other DQ issues, it was a matter of choosing which was first on the list.

There were a few more random, one-of issues, but those are my pre-showing/pre-application stats.

Have a video of your place feed via a QR code and tell the folks to pull their own credit using your own vendor that sends you the credit report directly.

That's ingenious Ray.

Credit Link (all one word).

I dont do any credit scores either. Just time on job, criminal history, and if they are collectable, have minimum or no pets and people.

I dont do any credit scores either. Just time on job, criminal history, and if they are collectable, have minimum or no pets and people.