According to BestNeighborhood.org, nearly 45% of residents in New York, NY, rent their homes. So, if you're considering becoming a landlord in New York City, take this as excellent news, as a high renter population means you have an expansive, solid target market.
However, unless you perform a thorough rental applicant verification, including a tenant criminal background check, you could rent your property to the wrong people. Such a mistake could risk your rental income, other tenants, and neighbors.
Luckily, you don't have to do everything yourself. Our New York property management firm, PMI New York City, can assist through our rigorous tenant screening process.
We'll explain how we conduct renter background checks for your peace of mind, so please read on.
Tenant Criminal Background Check
According to NCSL.org, about one in three adults in the United States has a criminal record. Tenant criminal background checks can reveal whether an applicant has a criminal record, including:
- Arrests
- Charges
- Convictions
At PMI New York City, we take tenant screening seriously because we understand your rental properties are more than just investments; they're your livelihood. For this reason, we employ a comprehensive screening process that includes a thorough criminal history review using the following:
- National Criminal Search
- National Sex Offender Search
- International Terrorism Database Search
Rest assured that our tenant screening policies include ensuring our property management experts adhere to fair housing laws. We carefully review each report and only consider convictions.
Credit and Income Checks
Credit and income checks are critical to the tenant screening process, as they assess a rental applicant's financial responsibility and ability to meet rental payment obligations.
Reviewing an applicant's credit report provides essential insights into their financial behavior, such as:
- Their payment history
- Total debt load
- Length of credit history
- Types of credit accounts
- Recent credit inquiries
All those factors contribute to understanding whether an applicant poses a risk to your rental investment. For instance, a clean credit report often correlates with reliability, while a history of missed payments could be a tenant screening red flag for trouble ahead.
Rental History Verification
PMI New York City's tenant screening process also includes verifying rental history. We conduct eviction history checks and contact previous landlords and ask them pertinent questions about the applicant, such as:
- Whether they were good tenants
- If they had bad behavior and paid rent late
- Whether they got along with their neighbors
The above allows us to paint a fuller picture of the applicant and gauge how they'll act and behave once they rent your NY home.
Partner With PMI New York City
PMI New York City's comprehensive screening process includes a tenant criminal background check, credit and income review, and rental history verification. We conduct all these to find the best tenants who will pay rent on time, care for your property, and respect their neighbors.
Ready to elevate your landlord experience with dream renters?
Then partner with our full-service property management firm today! While locally owned and operated, our office is also a proud member of PMI, a larger, fast-growing company that has been serving and improving the property management sector for nearly two decades. We'll use our local knowledge, skills, and PMI's support to help your NY rentals thrive.
Connect with us now for a free consultation!
