When Renters Struggle, So Do Property Managers

8 February 2013 by

The still sluggish economy continues to wreak havoc on homeowners, renters and property managers. With regards to property managers, one of their main responsibilities is to be sure their rentals properties are rented. This task has become increasingly difficult over the past few years due to the number of underemployed and out of work people in the country. Renting has become a problem as the number of eligible renters begins to shrink.

Though times are tough for property managers, it is even worse for renters and homeowners. These individuals were most likely previous homeowners prior to the recession and were forced into short sales, foreclosures and defaults on their homes. Thus, these potential renters have little rental history and property managers are then faced with the question of whether these renters will be able to pay on time each month. These previous homeowners are now considered “high risk” due to their bad credit, which leads to tougher standards, higher deposits or even rejected applications.

There isn’t much property managers can do about the tough renting situation other than hope for a speedy economic recovery. Prospective tenants can be better prepared prior to renting by having pay stubs from a current job in order to show employment is ongoing and the rent will be paid. Since many of these homeowners were forced to downsize, many of them are turning to self storage to store their possessions. Providing a reference and payment history from a self storage facility or former landlord could go a long way as well. The best strategy for a potential renter is to have first and last month’s rent, a security deposit and to be honest with the property manager. The manger wants to rent his units and will ultimately take a chance on a potential renter who shows good faith.

For renters or homeowners who don’t have enough room in their current residence to keep their valued possessions, one affordable, safe option is self storage. Self Storage Finders lists thousands of storage units from Anaheim storage units to Philadelphia self storage and everything in between.

SSF Team

SSF Team

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