Tenant Screening in Tampa, Florida for Rental Owner Success

How To Screen Your Tenants in Tampa, Florida?

Tenant screening includes a variety of processes that investigate the financial, criminal, and rental history of your applicants. All of these processes ensure your tenant is financially stable possesses the ability to pay rent, does not pose a threat to your community, and has not been evicted from a previous rental.

1. Credit History Check

A credit check will check the applicant’s credit history. A credit report shows whether or not an individual tends to pay bills on time or not. A poor credit can foreshadow the tendency to pay late rent, or not at all. 

2. Debt to Income Ratio Check

Checking a tenant’s debt-to-income ratio is another tenant screening process that looks at an individual’s ability to pay rent on time. A debt-to-income ratio is monthly debt payments divided by gross monthly income. 

If your monthly payments plus your rent payment are more than or too close to your gross monthly income, you may not have sufficient funds to cover all of your expenses. 

3. Nationwide Eviction Search

A nationwide eviction search will check eviction records to see whether or not your tenant has been evicted from a past rental property. A past eviction does not necessarily mean the tenant will default on their rent again, however, it does show that the individual was unable to pay rent in the past.

Some Tampa property management companies will not accept an applicant with a history of eviction. Sometimes, when an eviction happens once, it’s bound to happen again. We recommend steering clear of a tenant who has a history of eviction.

4. Background Check

Did you know that 7% of background checks returned criminal records in the state of Florida? According to floridabackgroundchecks.com, this statistic is substantially higher than the criminal record return rate in other states. 

Before accepting a tenant to live in your rental property, it is essential that you perform a background check to ensure they are clean of any criminal history. In some cases, an individual’s criminal history can show that they may pose a threat to your property or community.

We advise you to perform a background check in your tenant screening process to keep yourself, your investment, and the community safe.

5. Income and Employment Verification

Checking your applicant’s income and employment verification is another requirement that checks whether or not the applicant has a steady income. This ensures the applicant’s steady flow of income and ability to pay rent.

Without an income, employment, or proof of substantial funds, the tenants ability to pay rent is not proven. In the event the applicant does not possess substantial income, you may lose out on your rental income and/or have to deal with the eviction process. 

6. Previous Rental Verification 

An applicant’s previous rental verification will prove whether or not they have been a reliable tenant in the past. If the applicant has previously lived in a rental property, rental verification will check payment history, eviction history, and tenant behavior.

Think of it as your applicant’s resume or report card. If your applicant’s history doesn’t match what you’re looking for in a tenant, they may not be the right fit. This can be one of the most essential tenant screening processes, as it tells you how the applicant has treated a rental property in the past.