Residents
Owners
Nearly 1.4 million active personnel are in the United States Air Force, Navy, Marine Corps, and Army. Since these honorable men and women experience frequent deployments, transfers, and relocations, it can often be difficult for them to get housing.
Renting to members of the U.S. military can give lots of financial and personal advantages to landlords. As long as you understand the common challenges and prevent them as far as possible, men and women in uniform can be the most reliable tenants you can have as a rental property owner.
This blog article will explore the several benefits you can get from renting to military service members.
Good Business Opportunity for Rentals with Few Potential Renters
There are areas with less population and fewer potential tenants. Examples are rural areas or locations still lacking economic development. The good thing is that the U.S. military typically installs its bases or training grounds in such areas.
This can benefit landlords operating their rental business near these military installations. Military members deployed or transferred to these areas look for housing, particularly for a period of two to four years. As a landlord, you will have a steady pool of tenant applicants in this timeframe.
You Will Have Disciplined and Reliable Tenants
Due to their solid work ethic and disciplined lifestyle, military personnel are usually considered reliable tenants. In the opinion of landlords who had experienced renting to military households, the latter are viewed as punctual in paying their rents and always take care of their rental properties.
Since they are serving the country, you can also guarantee that men and women in the military have a stable source of income. Those living off-base are entitled to Basic Allowance for Housing, which helps them pay their rent and other living expenses.
If you have tenants working for the military, this is good news for you as a landlord since you will probably not worry about late rent payments. Ask your active-duty tenants for their Leave and Earning Statements to confirm their Basic Allowance for Housing balance. This stipend is updated each month, and it includes information regarding the income and leave status of the service member.
So, if you are looking for tenants with whom you can establish a good landlord-tenant relationship, you will not regret choosing military members.
Become a Partner in Rental Partnership Program
Owning a rental property near military bases or installations can help you become a partner to the Rental Partnership Program (RPP). The RPP connects landlords with military personnel seeking affordable off-base housing. This program gives you access to a number of prospective tenants through marketing on the RPP’s website.
Moreover, the RPP determines lease terms as regards the period that active service members who are tenants will have to remain in the area by permanent order. This provision in the program gives landlords useful information regarding how long potential tenants will rent their properties.
Landlords who are qualified for the program can also gain another notable benefit, which is that rent payments by active-duty tenants may come from allotted military funds.
However, you should know that you must meet certain requirements before you can become a partner in the RPP. Take note of the following:
- A landlord must have a good record with the Homeland Security Council, and his rental property must meet inspection requirements.
- A landlord who wants to qualify for the RPP should be willing to offer a 5% to 15% discount on the advertised rate or provide other offers such as waving application or move-in fees, credit checks, or security deposits.
- Signing a memorandum of agreement is a requirement for landlords who want to gain access to RPP, showing that they approve of the program’s terms and guidelines.
Landlords should understand that RPP can only help them market their rental properties to service members seeking housing. The program is not a guarantee they will get tenants or increase their number of occupants. The RPP will not also cover any missed rent payments or any damages.
Can a Landlord Deny Housing to Members of the Military?
Federal law does not consider military service members as a protected class when it comes to getting housing. However, landlords should avoid discriminating against a rental applicant just because he is in the military.
There should be a fair process of rental application and tenant screening before denying housing to military personnel or any rental applicant.
Endnote
There are notable advantages to renting to military service members. As discussed in this blog article, men and women in the military are disciplined and reliable, qualities that increase the probability they will pay rent on time and take care of the rental property in which they are temporarily residing. Moreover, it is possible you can be an RPP partner, a program that helps you market your rental property to prospective tenants who are on active duty near you.
