The Best And Worst Tenants
This article was written on 21 Apr 2008
Yup, i’ll be looking for a new tenant this summer (most likely) because one of my tenant’s tenancy agreement contract is due to expire. It’s going to be a shame, because she’s given me no trouble whatsoever! Hopefully she’ll continue the contract, but I need to start thinking about recruiting if things don’t go as planned.
The thing about finding good tenants is that it’s all about odds. You have to be one assuming son-of-a-bitch and play the game of odds. For example, the odds of getting less trouble off an employed professional worker compared to an unemployed bum are extremely high. Of course, that won’t always be the case, but it’s safer to stick with the better odds.
In some cases, it may even be worth keeping a property empty longer than planned, just to get the shoes filled with the idealistic tenants (if there is such a thing). A lot of landlords make the mistake of disregarding “quality” when it comes to tenants; they just want their property letted out as quickly as possible; it’s all money, money, money! There’s nothing wrong with that, but I’d rather play with the odds on my side, because a quality tenant is more likely going to save me more money in the long run.
Right, I’ve put together a list of common tenancy statuses, and put them order of desire (red hot being the most desireable). I haven’t covered all possible scenerios because the list could be potentionally endless, but I think I’ve covered quite a bit of ground. Please note, I’m basing this list on personal experience, generalisations and common sense. As I’ve mentioned several times, it’s all about odds. Let me know how it compares to your list…
| STATUS | DESCRIPTION | EXPLAINATION |
 |
Established couple Both employed |
This is by far the most desirable tenancy status. Established couples (together for at least 6yrs) are unlikely to separate, and if both are employed there are two avenues of income. I’m always aiming to grab me a bag full of tenants in this situation. |
 |
Single Employed/Good Pension/Good Benefits Elderly |
I hate to be ageist, but unfortunately it’s the way of the world. Come on, don’t be mad. Let’s face facts, a single, elder is unlikely to give you shit- they just want a simple life. I currently have 2 tenants that come under this status- I’ve never had a problem! |
 |
Established couple One working professional |
For the reason mentioned already- unlikely to separate. Stability is highly desirable as it signifies responsibility and commitment. It’s not ideal that only person out of the two is employed, but it isn’t the end of the world. And with one being a professional worker, there’s little chance of any breakdown in the finance department. |
 |
Single employed as professional |
No chance of separation because the tenant is single, and that’s a big advantage. “Employed professional” employment status is key, because you know they carry some sense of intelligence and earn enough to pay the bills. So why does “single and employed” rank lower than “couple and one employed”? Simple, the professional, single worker has less of a commitment, so may find it easier to walk away. |
 |
Fresh couple Both employed |
New couples are always looking to take things to the next stage in their relationship, and what better way to show commitment than living under the same roof? Obviously, it’s a good thing that they’re both employed. But fresh couples have a high seperation rate, and that’s when problems occur. I hate to admit it, but even a few of my friends have broken up with their partners and caused problems for landlords. Kids of today just don’t seem to get it- there is no protection for heartbreak in the tenancy agreement clause!! |
 |
Fresh couple One employed |
Now we’re really starting to creep into the danger zone. Anyone thinking about taking on this kind of tenancy status really has some big, gold balls. As mentioned, fresh couples have a high break up rate. And with only one out of the two employed, it’s easy for them to fall into financial crisis. |
 |
Single employed |
No chance of separation because the tenant is single, and that’s a big advantage. But with an average labouring job and no sense of commitment, it’s extremely easy for a tenant to just bail out. |
 |
Single/Couple Reliant on social benefits (DSS) |
I personally wouldn’t go this low down the chain, because i’ve been there and it’s been nothing but trouble. DSS tenants are not worth the hassle. And let me clarify, it has nothing to do with the individuals on benefits themselves, it’s more to the point how badly the government handle DSS tenants for landlords. However, in terms of finance, you’re more than likely to get paid rent (or at least some of it), because the government send your tenant’s social benefits cheques directly to your front door. But unfortunately, things don’t always go so smoothly (from my experience). For further details on why I think DSS tenants suck, go here DSS Tenants And The Council. |
 |
Student(s) | In popular student cities landlords are making a killing with letting property to students. But the margin for error is pretty endless; where do I start? Firstly, most students go to University for one reason, and it sure as hell ain’t to learn. The odds of finding respectable students that will pay the bills on time and look after your property is small. Secondly, with students, the landlord is usually required to actually make regular inspections just to make sure no one has thrown up in the washing machine. I don’t have the time to baby-sit, do you? Thirdly, student tenants pretty much change accommodation on an annual basis, that means you’ll need to look for tenants every year. The only piece of mind here is that students generally get student loans, so they have financial support. Of course, I was a student once, most of my money went on diluted, vulgar tasting beers- I wasn’t even a big drinker! |
 |
Single/couple Unemployed |
No benefits, no job, and no hope, just a rental guarantee from a family member. What’s the point of taking on this stressful situation? There is no point. Forget about it. |
Attention! If you're new here, you may want to subscribe to my RSS feed so you're notified of all new blog entries.
Talk / 3 Comments
2
3
If I refuse to accept students, singles, or the unemployed then who is going to provide them with a home? Some of them may end up homeless, and if I see a homeless person in the street I will be thinking that I am part of this social problem. I don't like this, so I don't refuse people based on stereotypes.
1