If you live in an area with a high population of military personnel nearby, you may be considering renting out your properties to members of the military. Over half a million active duty members are stationed in Virginia, Georgia, North Carolina, California, and Texas at any given time. That means you always have a plentiful pool of potential tenants. Like any other decision you make as a landlord, there are pros and cons, and we’ll go over them here.
As mentioned above, the military tends to congregate in specific states. While there are active duty members in other states, you’ll find that the majority of them tend to be stationed in the five states mentioned above, as that’s where most of our prominent bases are located. If you have properties in one of those five states, it’s worth your while to consider military personnel as possible tenants.
Lease Concerns
One of the primary concerns of housing members of the military is the fact that there’s always the possibility that they’re reassigned or shipped out in the middle of a leasing term. In order to compensate for this and make sure their members don’t undergo undue financial hardship, the military advises its troops to only sign leases that don’t saddle them with a penalty if they have to break their lease due to reassignment. This may pose an issue for a landlord, as it means you’ll have to consider creating either a separate clause for members of the military or do away with broken-lease fees altogether. There’s also the issue of having to continually search for new tenants if someone has to leave on short notice.
However, if you live in a city with a high population of military personnel, that means that there will always be more seeking housing. By focusing specifically on advertising to this population, you can greatly minimize the amount of time your property sits vacant.
Know Eviction Laws
It’s going to be very important to familiarize yourself with both local and federal laws regarding how and why (and if) you can evict a service member. While the military is known for its discipline and honor, that doesn’t necessarily mean that every member is going to have the same scruples. If you’re dealing with delinquent payments, depending on the branch, you options may be limited as far as who you can report to and what you can expect to be done.
That said, members of the military can make some of the very best tenants. The good ones are clean, respectful, and responsible. Many have families, so they’re looking for particularly safe neighborhoods where their spouses and children can have access to schools and other families. It’s certainly worth considering whether they’re right for you and your properties.
As always, we recommend our RentalConnect program to screen all tenants, even those in the military, to cover all your bases. RentalConnect offers property owners and landlords a great alternative to the expense of full tenant screening. This service requires no on-site visit, sign-up, or membership fees, making it extra convenient. The service fee is paid by the applicant. Available 24/7, RentalConnect is fast, easy, secure, and delivers reports needed to make an informed decision, including a credit report, a national criminal search, and a national eviction search. Reach out to us for more details!
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