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With homeownership rates at a 50-year low and rental rates on the rise, 2016 appears to be shaping up to be a landlord’s market. Renters are now experiencing increased competition for a smaller inventory of homes to rent and at higher prices than in years past. What does this mean for the independent landlord? Landlords can be a lot more choosy when it comes to picking the right tenant. With a complete tenant screening process in place, today’s landlord can have a clearer view into the widening pool of renters to choose from, helping you reduce the risk of settling for a less-than-ideal tenant.
To illustrate how the rental landscape has improved for the American landlord, we created an infographic that highlights several important factors that have shaped the current state of the rental market. From the aging renter resulting in a substantial shift away from homeownership, to ever-increasing rental rates as well as changes to key characteristics of today’s renters, there are numerous factors that have paved the way for the emergence of an emerging landlord’s rental market.
Making smart landlord decisions will help you increase your rental profits even more during this period of growth. A good starting point is to use a complete tenant screening service that offers credit, criminal and eviction reports. SmartMove uses the powerful analytics of TransUnion and pulls from over 200 million criminal records, 25 million eviction records and 200 million credit histories to give you an in-depth look at your rental applicant’s history.
If you’re a renter, it’s more important than ever to know your own credit history and to be educated on what landlords are looking for in order to compete in an already competitive rental market. From understanding what your credit score means to knowing what relevant criminal or eviction history may have on your ability to rent, renters today need to be armed and ready with the right information at the right time. Opt for a credit push with an online screening service like SmartMove. This way, you won’t be hit with a hard inquiry which can negatively impact your credit score. For more helpful renter tips, check out TransUnion guide featuring useful credit tips for renters.
In today’s rental market, it is essential for the independent landlord to be armed with the right tenant screening process and be selective about choosing the right tenant. For more tenant screening tips, check out our guide on how to screen a tenant and start screening online with SmartMove today!
Know your applicant.
Additional Disclosure:
The information posted to this blog was accurate at the time it was initially published. We do not continue to guarantee the accuracy or completeness of the information provided. The information contained in the TransUnion Rental Screening Services, Inc. blog is provided for educational purposes only and does not constitute legal or financial advice. You should consult your own attorney or financial adviser regarding your particular situation. For complete details of any product mentioned, visit www.transunion.com. This site is governed by the TransUnion Rental Screening Privacy Policy Privacy Notice located at TransUnion Rental Screening Solutions, Inc. Privacy Notice | TransUnion.
