It is not easy to rent property out now a days and to seek out properties for rent either. Both landlords and tenants have their hands full. Landlords want the rent paid on time and the common sense rules obeyed. Prospective tenants want a safe and affordable place to stay...so what is the problem?
Landlord Risk
Well here in Riverside County in California, evictions are given low priority in the courts. Consequently that means that if there is a dispute and the tenant doesn't pay rent for some reason, the Landlord will have to sustain the mortgage for months even up to a year in some cases. The stakes are high..
Tenant Pool
The tenant pool here is consists of people who have lost their homes through foreclosure over the last 2-4 years. Their credit is marred, and divorce and bankruptcy is common. Almost everyone I speak with has a story to tell about how they lost money, injured their credit and have unemployment issues, and are trying to find some stability for a new start..
The Reality
The problem is obvious and the solution is always going to be slanted in the landlords favor because of the risks involved. You see a owners worst case scenario for a non-paying tenant can easily cost thousands of dollars until remedy is given. The property is exposed and no amount of deposit can make up for a worst case scenario.
Starting Over
I have met some very decent prospective renters that need to find a footing to begin anew. Some have the funds to navigate with, others are living hand to mouth. Just recently, it took over 2.5 months to find the right tenant for the right landlord. The rental market is in a state of flux and demand for property is steady. However, qualifying remains challenging for some....
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