In August 2018, the Irvine rental market cooled down a bit, at least compared to the two previous quarters, but this slight decrease did not affect the city’s standing as one of the most lucrative markets for landlords. The average monthly rental payment in Irvine stood at $2,354 in August, while the national average was closer to $1,400. Thanks to the high quality of life and economic development in Irvine, rental demand is expected to remain stable or increase over the next two years, which will allow landlords to become more selective as they evaluate prospective tenants.
Thorough screening of tenants is always recommended, but landlords should also keep in mind certain federal and state laws prohibit discrimination. Familial status, gender, nationality, religion, and sexual orientation should never be asked on a rental application or during the interview. With this in mind, here are six questions that can help landlords choose ideal tenants for their real estate in Irvine.
1. Do You Agree to a Background Check?
Property management specialists strongly believe that applicants who do not agree to background and credit checks should be eliminated from the list of prospects. Landlords can only obtain this information with a signed consent. Pulling credit reports without permission could result in complaints filed with consumer protection regulators.
2. How Many Tenants Will Live with You?
Asking this question may open the door for negotiating reasonable monthly rent payments. More than two tenants per bedroom merits a higher payment because the property will deteriorate faster. If a single professional intends to live by him or herself in a two-bedroom apartment, you can offer a discount as an enticement.
3. Will Visitors Stay for a Long Time?
This question is a discreet way of asking if someone else will permanently move in later down the line. A rule of thumb in this situation is for landlords to always assume single tenants will eventually be accompanied by one partner or roommate.
4. Do You Have Pets?
It’s better to ask this question early in the screening process since it’s related to hard stipulations on the lease agreements. If you don’t plan to allow pets, this question quickly eliminates potential tenants.
5. Can You Cover All Move-In Costs?
Instead of asking about occupation or income, it’s better to inquire about the ability to cover payments for the first and last months as well as the security deposit. Jobs can be lost and financial situations can change from one day to the next, but money upfront will never change as long as the tenants have it.
6. Can I Contact Your Previous Landlord?
This is a more tactful question than asking if tenants have ever been evicted. There’s a chance that applicants who are reluctant about bringing up their rental history may have gone through an eviction.
Irvine, CA, has many properties on the market that would make great rentals. From Walnut to Great Park, Irvine condos for sale are the ideal option for rental properties. Get in touch with a reliable agent from Irvine Residential Living today at 714-454-6304.