Landlord's Corner: Should You Rent Your Apartment To Bachelor Or Family?
Picking up the right tenant is a task that every landlord goes through. Apart from choosing a reliable tenant, many landlords are often confused about whether to pick a bachelor or a family for the apartment.
If you are also a landlord stuck in between choosing a bachelor or a family for your rental property, MakaaniQ gives you an insight on the pros and cons of renting out to either of the two.
Why bachelors make good tenants?
Migration of students and working professionals to major cities is increasing, leading to a constantly rising demand for rental properties. Thus, it is wise on the part of a landlord to rent out to singles. With singles, one can be rest-assured about a continuous rental income. Renting a flat to bachelors has many benefits. They make good renters because they come with minimal things, do not have high expectations from the property and many a time, are willing to pay higher rent in scenarios where they share rooms with another person by dividing the costs with their roommates.
Bachelors, at times, are open to a minimal property. It might not be furnished with luxurious fittings or fixtures as what they seek is only the essentials and affordability.
Why having bachelor tenants could be a bad idea?
Keeping bachelors as tenants might have its downside, too. Bachelors can be unstable in terms of finances. So, rent might be delayed. They also tend to move from one rental property to another frequently. It might be a cause of concern for you as you will end up looking for new tenants in a short span of time. Moreover, bachelors at times do not maintain the property, hence, you might end up making expensive repairs once they leave.
Why do landlords prefer families as tenants?
A family is considered to be an ideal option for many landlords as they usually prefer long-term lease agreements. So, owners need not bother about regular rental incomes. Also, there is a general perception that families would keep an apartment in good condition, adhere to rules and regulations of the housing complex, pay bills on time and minimise instances of bad maintenance of flats.
Discrimination against tenants by housing societies has been much debated. Tenants, who feel their fundamental rights are being violated, face a tough time in getting fair treatment as there is no law to prevent landlords or housing societies from discriminating against bachelors. The rules by these housing societies have been set for their own convenience or based on the owners' previous bad experience. Moreover, finding the right tenant for a property, irrespective of whether it is a family or bachelor, ultimately depends on a landlord's preference and effective screening for safeguarding the investment.