Solvency is one of the crucial aspects for a successful rental. This process not only provides financial security to the owner, but it also serves to ensure a successful rental for both parties. In this article, we will explore how to verify tenant solvency and what criteria we should consider.

Inquilino con solvencia para un alquiler exitoso

What is a Solvency Study?

A solvency study is a comprehensive analysis of the future tenant’s finances. Its goal is to determine if the candidate has the necessary economic resources to meet monthly rent payments and other expenses without an excessive portion of their income being compromised. This process is fundamental before closing a contract, as it helps the owner make informed decisions and ensures a successful rental.

Criteria for Evaluating a Tenant’s Solvency

Regardless of the prospective tenant’s occupation (employee, freelancer, pensioner, or civil servant), we must consider the following aspects:

  • Available Income: We view it positively when a candidate has at least 60% of their salary or income remaining after paying rent. In other words, the future tenant should have more than half of their salary left after covering the monthly payment.
  • Debts and Loans: It’s important to know if the candidate has any debts or loans. The amount they have left after paying rent will not be a true figure until we subtract those debts from the resulting amount.
  • Credit History: Checking the tenant’s credit report gives us information about their past financial behavior. A good credit history is a positive indicator of solvency.
  • References from Previous Landlords: Asking previous landlords about payment punctuality and property care can offer valuable information.
  • Job Stability: Employment continuity is relevant. Tenants with stable jobs have a lower risk of non-payment.

Advantages of a Solvency Study

Conducting a solvency study has several benefits:

  • Lower Risk of Non-Payment: By understanding candidates’ finances, we protect ourselves from those with lower economic security and avoid potential defaults.
  • Peace of Mind: Knowing the tenant’s past and present financial situation helps us gauge their viability as a tenant.
  • Time Savings: Filtering tenants allows us to save time by avoiding unnecessary viewings of the rental property.

How to Verify a Tenant’s Solvency

To evaluate solvency, we can request documentation that supports the tenant’s income and ability to pay. This can include:

  • Pay stubs
  • Bank statements
  • Tax returns
  • Employment contracts

In summary, a solvency study is essential for making informed decisions when renting a property. At Inmopolt, we provide advice and assistance throughout the rental process and guarantee you a good return.