- Potential to generate more rental income
- Might improve rentability
- No complete break in rental income when one tenant leaves
- Some tenants may cost you other tenants
- More hands-on management involved
You have your property all ready to rent out. You’ve reviewed the listing photographs, you’ve read the rules twenty times over, and you’ve gone through the Tenancy Agreements you’re going to use. But if you’re like most new landlords, you’ll freeze the first time a property agent asks you “how do you feel about having two or more different tenants?”
Sometimes, you just can’t find a single tenant who can foot the whole bill. Perhaps it’s due to Covid-19 and many expatriates flying home; or maybe it’s just the demographic that your property calls to (e.g. separate student tenants are more common if your property’s in One-North, or near some other University).
Here’s a rundown of what you need to consider:
Renting to multiple tenants
