As a landlord, it’s crucial to know and understand the many different tenant profiles to ensure that you are aware of the types of people you are renting out your properties to.
Students typically rent a property so they do not have to live in campus housing. A lot of students in Victoria BC do this for privacy, to have their own lifestyle, or whatever the case may be.
The biggest pro of renting out to students is the fact that they are not usually a long-term tenant, so landlords don’t have to do as many evictions. Students stay for their studies and leave.
The largest con, however, is that college students enjoy partying in between their studies, which can be a problem for some landlords.
Landlords who rent out a property with multiple people living in it can be beneficial for everyone involved. For example, three friends renting a three bedroom apartment to split the cost of living.
The biggest pro of renting out to a roommate accommodation is that the living cost is shared between two or more people, so rent going unpaid will rarely, if ever, become a problem.
Although, with this in mind, the largest con is when someone is behind on their share of the rent. If this continues, the landlord will have to go through the eviction process for that one person, or all of the renters who are living there.
Landlords no doubt like to rent to quiet, single individuals who have a steady, reliable job.
The biggest pro of renting out to singles is that they tend to not be problematic, are good with rent each month, and do not cause too many problems in general.
The biggest con is usually this type of tenant profile splitting out on their tenant rental agreement or lease, which can be a big problem for landlords.
Renting out a property to young couples, who may be looking for their first place together, is a beneficial tenant rental agreement for everyone.
The biggest pro of renting out to young couples is that you, the landlord, know that if one falls short on their portion of the rent, the other will usually step up.
The biggest con is that sometimes the couple will split up soon after moving in, causing them to run out on the lease if they are unable to pay the rent on their own.
Families are one of the largest tenant profiles who landlords are renting out to, consisting of parents and children.
The biggest pro of renting out to families is the fact that landlords are gaining more in the way of rent.
The biggest con is no doubt the fact that children can be messy, larger families usually require more repairs, and it can be a financial gamble for landlords.
The Various Tenant Profiles
Landlords must educate themselves on the various tenant profiles and how beneficial and problematic each one can be. Renting properties out can be tricky, which is why you should always listen to your gut feeling and m