Less than one year tenants… Why you Shouldn’t rent them
A few days back one family vacated the rental unit near my home. If I’m not wrong, they stayed less than 6 months.
It’s a brand-new building and
Brand new Owner
So the owner doesn’t have experience renting the building, and they gave rent for a short term.
We used to make the same mistake when renting our building for the first time.
We gave rent for 3 months as well.
At that time, we didn’t know a few things, so we rented as and when any tenants requested a short-term stay (a few months). We were happy to collect rent and painting charges when vacating.
After a few such incidents, we realized renting to short-term tenants was not worth the hassle.
The reason is…
It’s more work for us.
Imagine you rent a unit for 1 month to a tenant.
They stayed 1 month and left.
Now… You, the Owner, must hire painters and cleaners.
You need to put TO-Let board, the time you spend with laborers to get the job done and again Vacancy till the next tenants show up.
We soon started realizing our mistake of renting for a short-term stay. After doing this mistakes a few times, we no longer rent to those who want to stay less than 1 year.
The money we earn is simply not worth the stress of cleaning the property and getting it ready for the next tenants.
I’m sure the same thing will also happen with the new building owner.
Maybe they will rent for a few more such tenants. After some experience, they will also stop renting to tenants who want to stay less than 6 months.
The new building owner has already started cleaning and painting by himself. The cleaning process will continue for a few more days.
Not all will Tell the Truth.
Not all will openly say they will stay only a few months.
Some intentionally tell lies to get into the property.
So how do you handle such cases?
Having a “strict Rental Agreement rules” helps in such cases.
By telling such rules before renting, tenants disqualify themself from getting into your property.
I will talk about such conditions on the rental agreement later.