Once the home is listed on the market for rent, our focus turns to tenant selection. Arrived seeks out 2 year leases at the most optimal market rent. The 2 year lease strategy is to ensure our investors are receiving consistent dividends monthly for the lifetime of their investment in the property. In continuing to work with our property management partners, we are guided through the local rental market and make adjustments as needed.
The single-family rental market is subject to a multitude of variables affecting rental rates and time it takes to find a tenant. Time of year is one variable- the market is most active between the end of spring and begins to experience a slow down at the beginning of fall. Arrived and our property manager partners ramp up the marketing to compensate for the effects of the slow season. In slower periods, we may offer tenants concessions in order to compensate for the cold market.
Our property management partners follow the below metrics when searching for tenants:
Setting the right rental criteria
2+ year lease
Market-value rent
Metrics for quality tenants
Create an online rental listing that sets expectations
Write up an advertisement describing the property
Let tenants know what the process is like if they’re interested in applying
Self-guided, socially-distant tours
Tours require a pre-screening that also verifies prospective tenant identity
Once pre-screening is submitted to PM, PMs will do the self-guided socially-distant tours
What we look for in a rental application
Employment and Income Verification
Rental History
Credit Report and Background Check
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