“How fast can you rent my home?”
That’s the second most common question (after cost) I get from prospective clients. And it’s a fair one. As a rental property owner myself, I understand that every day a home sits vacant represents lost income.
But here’s what most owners aren’t told: faster isn’t always better.
Especially not in Richmond.
Richmond’s Reality: A 23% Eviction Filing Rate
That means as many as 1 in 4 Richmond renters face formal eviction according to Princeton University's Eviction Lab which closely follows eviction rates across the nation. If you had to read that twice, you're not alone as that high rate is definitely not normal. In fact, Richmond ranks #2 in eviction filings among 33 tracked major U.S. cities.
Why Are Eviction Rates so high?
Does our local eviction rate mean Richmond has riskier tenants than elsewhere? Of course not! It also doesn't mean Richmond is a poor market for real estate investing. Rather, the statistics reveal a hard reality: a lot of bad placement decisions are being made.
Looking for some fundamentals driving these high eviction rates, it seems like in Richmond's highly competitive rental market, leasing speed has become overvalued. While everyone (me included) rightly cares about leasing speed, the emphasis that non-exclusive paid leads place on it suggests an upstream competitor has made speed an primary marketing strategy. This pressure potentially interacts with real owner pain points: with many new apartments in town, many tenants now prioritize new appliances, granite countertops, and low maintenance over Richmond's historical homes, each with their own special character (Reality Check: Henrico was established in 1611). With leasing speed truly a very real pain point for Richmond landlords, I don't blame property managers for making leasing speed a central talking point. Consequently, landlords and managers often feel intense pressure to fill vacancies quickly, and in the rush, red flags get missed:
Exaggerated income goes unverified
Background checks are incomplete or overly reliant on automated tools
Fake landlord and employment references slip through unnoticed
Ultimately, it’s the owner—the one who pressed for leasing speed in the first place—who bears the consequences: lost rent, court costs, property damage, and long vacancy periods during turnover.
The Real Cost of Rushing to Rent
If you’ve ever had a bad tenant, you already know how expensive it can be. Just one poor placement can erase a year’s worth of profit:
| Risk | Estimated Cost (at $1,600/mo rent) |
|---|---|
| Unpaid Rent | $4,800+ |
| Eviction & Legal Fees | $2,000+ |
| Property Damage | $1,000–$50,000+ |
| Vacancy During Turnover | $1,500+ |
| Stress & Time | Immeasurable |
Our Approach: We Screen Harder—But We also Market Smarter
At PMI James River, we don’t cut corners to shave a week off leasing speed metrics. We feel it's our duty to not sacrifice long-term performance for short-term optics and talking points. Instead, we focus on getting it right:
Enforcing rigorous identity verification protocols
Verifying income with at least two types of documentation
Cross-checking references for signs of fraud
Evaluating more than just a credit score—looking at financial patterns
Manually reviewing criminal and eviction reports
Yes, this process can take extra time; it's also a lot of extra work and careful thought on our part. And it reduces the pool of qualified renters we find (not that a fraudulent employment reference should be considered qualifying anyway). But most importantly, it prevents the mistakes that cost thousands.
Here’s what surprises many owners: Even with rigorous screening protocols, we typically match—or exceed—market leasing speeds. That’s because our marketing strategy is designed to attract and convert high-quality applicants quickly:
Professionally written listings with strong visual media
Syndication to 20+ rental websites; every listing receives Zillow Premium status
Aggressive follow-up with prospective leads
What We Really Track
Renting isn't a short-term strategy, so being fixated on short-term goals like whether a rental gets rented in 14 or 30 days should not be the focus. Instead, we focus on what actually protects our clients' bottom line:
Eviction rate (currently 0% across all PMI James River placements, as of this writing)
Resident satisfaction (better relationships = fewer problems)
Lease renewal rates (happier tenants = less vacancy)
Of course, no system is perfect. Mistakes can happen. We will almost certainly one day have an eviction on our record—that’s reality. But our process is built to reduce that risk dramatically, and the numbers speak for themselves.
Final Word: Tenant Placement = Thorough Risk Management
Think of tenant screening less like marketing and more like hiring. Would you offer a candidate a long-term position after a quick interview and rushed background check?
OF COURSE NOT
So why do that with someone who will hold the keys to your $300,000+ asset?
At PMI James River, we lease responsibly, not recklessly.
We protect your property the same way I protect my own, through detailed screening, strategic marketing, and a refusal to take shortcuts just to make a spreadsheet look good.
In a market where nearly a quarter of renters face eviction, slow and careful isn’t a flaw. It’s a strength.
Looking for a property manager who protects your investment like it’s their own? Get in touch today to learn how we can help protect your investments.
