Tenant Screening: A Cost-Benefit Analysis
Owning a rental property inevitably comes with risks. Evictions, property damage, tenant turnover, and extended vacancy periods are all potential hazards for the property-owning landlord. Worst of all, these risks often come with a hefty price. The average eviction can cost up to $3500, and the cost of a premature tenant turnover can average $1750.
The good news is that most of these risks can easily be avoided with the right tenant screening process. A complete tenant screening package can provide you with all of the information you need to make an informed decision about who entrust with your rental property. By knowing how to screen a tenant, which includes examining your tenant’s credit, criminal, and eviction history you’ll be better informed when it comes to choosing who to rent to.
In order to show you just how beneficial a tenant screening package is, we’ve broken down the cost of tenant screening and compared it to the potential cost of rental hazards. As you’ll see, an approximate $35 screening fee can save you about $3500 in eviction costs. Check out our infographic below to discover more details.