COVID-19: How Tenant Behaviors Are Predictors Of What’s To Come
There is no denying that COVID-19 or the ongoing pandemic has affected us all. With millions of people unemployed and the economy still struggling to come back, many people in the real estate industry are wondering what’s next? Of course, over these last nine months, people have been making predictions about how this will all affect the industry in the long run, but no one really knows for sure. That said, tenant behavior in multifamily housing may be a sign that things are potentially looking up. Nevertheless, landlords and property managers still need to protect their assets and their business. As a result, many people in the industry are wondering what exactly they could do to ensure that their current tenants and their prospective tenants are able to afford rent along with their other living expenses.
For tenants, many multifamily housing owners are trying to instill stricter, if not more comprehensive screening standards to ensure that their assets will be protected in the long run.
Pre-COVID-19 Screening Rules
Prior to COVID-19, landlords or property managers would screen their tenants by asking a series of questions, run a credit check, and have prospective tenants fill out an application. Typically, an ideal tenant would have a clean eviction report, an above-average or good credit score, steady employment, and positive references. Though these things still obviously matter, the ongoing pandemic has changed how tenants are screened, and rightly so. Now more than ever, it is in everyone’s best interest to ensure t……
For tenants, many multifamily housing owners are trying to instill stricter, if not more comprehensive screening standards to ensure that their assets will be protected in the long run.
Pre-COVID-19 Screening Rules
Prior to COVID-19, landlords or property managers would screen their tenants by asking a series of questions, run a credit check, and have prospective tenants fill out an application. Typically, an ideal tenant would have a clean eviction report, an above-average or good credit score, steady employment, and positive references. Though these things still obviously matter, the ongoing pandemic has changed how tenants are screened, and rightly so. Now more than ever, it is in everyone’s best interest to ensure t……