Selecting Tenant

[Maggiethecat]

Never really had an issue selecting in the past but have been struggling this time. Many offers received but narrowed it down to 2 groups of professionals sharing - group of 24/25 yr olds, good incomes, very keen, proactive, known each for years but not lived together and group of late 20s, also professionals, very keen, currently live together.
My concern with the younger group is whether they would be less responsible, more social gatherings/noisy and also scope for falling out since they’ve never lived together. Have young adult girls so have a soft spot for this group.
Head or heart?

Head. Remember you are running a business.

2nd group.

Lived together already Gorup
Proven stable history as they are choosing to remain as a group which suggests they have learned to over look each others quirks

I know head should rule and usually I wouldn’t think twice but I do feel that their age could mean they’ll be often overlooked.

Can you afford the time involved in managing one of the group wanting out 3 months into the contract?

Neither.

I would look at renting at a couple/family who want somewhere to live long term.

Sharers make it more of a headache to manage as they might fall out and you might need to find people to replace one or more of the sharers.

Also more people could mean more damage to the property.

They can’t break before 6 months but thereafter I could consider an assignment of their room but it is a hassle.

Of the 34 enquiries I’ve had in 5 days one was a family. And that person did not respond when I asked for further information.

I’d love to have a family in but the location is very favoured by young professionals.

Selling is the obvious answer ahead of tax rises in autumn.

I’ve thought of that but doubt I’d sell it that quickly!

I'd avoid the very young group. They tend to move in a pile of extra tenants after they've gotten the keys. Yes, even 'professionals'.

These are the types of concerns I have and yet…
My young adult daughters are likely going to be subject to the same stereotypes.

Can you take them to court for the money if one leaves?

If you credit checked them can each individual come up with the full rent?

If one is a stroppy horror😬 who drives the others out you have to evict that one and chase any shortfall in rent🤷‍♀️

At least with the other group this is a second contract so they are more likely not to breakup during the term of the contact.🤞

I run a successful housing portfolio. I have 12 houses I let out. I mostly let to families not groups of individuals. I have however took a chance on a single parent with a SEN child and a cat when I could have selected a couple who both worked. Normally I would go for the working couple but on one occasion the EA passed me a letter from the single Mum who was very honest and told me about her SEN child and her older cat. She said she desperately needed the house as it meant her DC could attend a special school which was close by and she could get to work quickly so not lose hours driving. She promised me she would be a good tenant and something about the letter made me choose her. She's still my tenant 9 years later and really she's been a model tenant her DD only has 1 year left of her school. So sometimes going with your heart can work out well. You just have to weigh up the risk. I could do it then knowing if the tenant caused problems I could issue a section 21. Now going forward with the RRB that will no longer be the case and I wouldn't take a risk in that climate.

Those aren’t the concerns I have as they’re jointly/severally liable and working with the top companies they’re with they’re unlikely to jeopardise careers by running off with unpaid rent.
However, I appreciate that disharmony makes for a difficult tenancy for the landlord too - lack of care of the property, communication issues etc

Your a business with data protection obligations have you gotten pernission to disclose their data to third party?

Has their employer agreed to act as guarantor if not the only way their job finds out about anything is if you go legal and the employee is subject to a credit check.

And some of the most dishonest people around work for "top" companies.

And anyway you will be the greedy slum landlord who sided with the crazy flatmate🤷‍♀️

Your a business os plan for the worst while hoping for the best.👍

The agents we use for our rental properties won’t accept sharers as tenants. Reading through some replies with interest and I can see why they refuse them. Have you rented to groups in the past?

In 20 years I’ve had one family for about 2 years!
Always sharers, usually knowing each other before. Never had issues with rent, property damage but there have been cases where communication is bad in getting things sorted perhaps because they’re not really working together as a group.

So you'd be renting to one main tenant who is responsible for paying the full rent to you? Otherwise it would be a HMO if you're renting rooms individually?

No, renting to all of them under one tenancy agreement, the numbers don’t require mandatory licensing but I do have an additional HMO licence as required by this local authority.

Late 20’s, their brains are fully formed and they’re proper adults