So far it is because they are moving to the area for school or for a job. Some are coming from farther away than others. I’m definitely inclined towards the ones who are relocating for a job, from a previous job they held for a long time, and a place they used to live for a long time.
I’ve had good luck with graduate students before, as they tend to be too busy to make trouble, and too poor to break the lease because they’re buying a house, which is something relocating professionals tend to do. (I let them break the lease, because I know I can re-rent it immediately so it won’t cost me anything, and is likely an excuse to raise the rent.)
My wife and I rent out a small 1BR property and have to pick a new tenant every few years. Based on the price and location, it tends to be either a couple or single professional early in their career. Ergo, they tend to leave every couple of years to buy a home in the suburbs or upgrade to a nicer place.
We usually don’t have to choose between a ton of applicants, as we generally go with the first one who qualifies, so long as there aren’t any red flags. Admittedly that doesn’t help the OP.
In cases where we are deciding between multiple applicants, I would look at the following criteria:
Whose job seems more stable vs more flakey?
Avoid lawyers or anyone with lawyers in their family if you can.
Do they seem nice?
Do they seem like they party a lot or do drugs?
Which one is more likely to pay their rent on time?
For example, in considering two applicants:
APPLICANT A: White 20-something male yoga instructor whos CEO dad is cosigner
APPLICANT B: Black 20-something female new associate at some corporation in Manhattan.
We picked B. I see a young person just starting out in their professional career who will probably pay their rent on time. At worst, they may break their lease and we just find a new tenant. With A, I see someone who might be flakey, spend a lot of time throwing parties (annoying the other tenants and causing wear and tear) and who might hide behind his dad when it comes any legal disputes.
But really, if all your qualified applicants look good and you really can’t decide, you don’t need to overthink it. Maybe select one randomly from the first 3-4.
When I moved to my current place in 2012, I didn’t have a job (I had quit the last one after 6 months because it was literally killing me) but I did bring a bank statement with me to show that I did have the money to move in, with a cushion.
I was also honest about my (then) two cats, and once I presented proof that they were fixed, I signed a lease and deposited a carload of things, a couple weeks before I moved out of the old place.
Yeah, but that’s fair, allowing cats - well, a limited number of cats - but factoring the potential extra costs into the rent or deposit. Cats don’t always damage things (mine genuinely don’t), but they can.
It’s also sensible because tons of tenants will get cats anyway, and just try to hide it from you. May as well just know they’re there to begin with.
Decision made, and for the most capitalistic reasons!
One prospect finally said, “I’ve budgeted more than your asking, I can afford to pay a bit more.” To which I responded, “You move to the front of the line if you pay more!” a few numbers later and we’re scheduled to sign a lease.
So, as a call back to the “what good are real estate agents?” thread, I finally know the answer. They are there to tell the parties involved that this is a business transaction, and it is acceptable to adjust the amount of money involved until both sides are agreed.
I mean, I didn’t even have anybody ask “what can I do to get into this apartment today?”
Now I have to send out about 10 “so sorry” emails.
The tenant to-be will satisfy all of the landlord advice in this thread. A self sufficient individual, with no pets, leaving a long term living situation, who has a stable job within very easy walking distance of the apartment. I get the sense there may be some personal issues around leaving the current residence, but that’s not my drama.