Possible Reasons Tenants Reject Your Property
In many cases, property rejection is by the landlord. However, tenants also reject properties that fail to match their requirements. It is more concerning when as a landlord, different potential tenants keep rejecting your property. And you should ask yourself why you keep losing them. With renting costs 77.1% higher than the 2020 average, it is understandable why prospective tenants would be more cautious. Below are some other reasons a tenant might say no to your property.
- A rigid stance on renters insurance
According to the allstate.com website, renters insurance is not a federal law requirement. It provides a cover for the tenant’s belongings in the rented property. In very few cases, it may provide some coverage for accidental damage to fittings and fixtures. The only problem is if you take a rigid stance on potential tenants having renters insurance. That’s because those who do not have it may be turned off and look elsewhere.
There is no argument about why landlords ask for renters insurance. However, you may have to reconsider your approach. Also, as a landlord, you must have landlord insurance. This covers any significant damage to your property. Sites like CommercialInsurance.net hold a wealth of information on the subject.
- Unfavorable location and absence of amenities
Location is everything to a potential renter. Proximity to work, school, transportation, health facilities, business centers, and other amenities usually convinces a potential renter to settle for a specific property. Otherwise, your property will get rejected. For instance, a marketing professional would want to live close to the business center, where it’s easier to physically connect with potential and existing clients.
A healthcare professional would also want to live within a few miles of their workplace to arrive quicker at the hospital during patient emergencies. As a landlord, you may need to research these minute details, which determine whether your property is ideal. It is best to know the type of tenant you want to attract.
- Incredibly high rental asking price
The US is already battling with renting costs. Recently, the asking price keeps getting higher. This means there is increased pressure on potential renters to pay more than they ordinarily would for a property. Therefore, if your rental property is incredibly high, it could be why nobody wants to take it. And anything slightly more than their set budget would mean a possible rejection of your property. It may not matter if your rental property has all the physical expectations on their list.
While it is true that some landlords deliberately overprice their properties, others may honestly be unaware of it. If you belong to the latter group, it would be best to seek an experienced letting agent. They are better informed about the current renting asking price. Indeed, the pricing will also depend on the property location and the type of amenities there. However, riding on that alone can put you at a disadvantage as a landlord. This explains why it is always advisable to check with other similar properties in the neighborhood. You may lose out to other reasonably priced landlords who know the market better.