How Rental Fraud Affects Apartment Communities & Residents

apartment community

In the past several years, there has been a rising concern in fraudulent applications being submitted to property management companies. Rental fraud can be a costly issue, both in time and expenses. When renters use fake identification, they can disguise their source of income, inflate income, and even hide a criminal background. The cost of evicting tenants, dealing with any damaged property, and even the loss of your good reputation can be detrimental for your business. While the ways in which rental fraud affects property owners are evident, many companies also overlook the harmful effects it can have on their community and residents. Building trust among your residents and ensuring that their experience on your property is a good one is key for maintaining your reputation and relationship with tenants. Rental fraud can affect the safety of your community, while also causing you to lose out on trusted tenants. Keep reading to learn more about how rental fraud can affect your apartment community, and how our ID verification software can help to overcome this rising issue in the housing industry. 

Affecting the Safety of Your Community 

When living in an apartment complex or multi-family housing unit, every resident affects the quality and safety of the community as a whole. The overall safety of an area is one of the most important factors for people when deciding where to live, and especially for families with children. Ensuring that your community maintains a good reputation for safety and cleanliness is key. Unfortunately, when renters use fake identification, this can negatively affect the safety of your community, putting other residents at risk. From committing crimes on your property to causing damage, and making other residents feel uncomfortable, it can be extremely harmful to your community’s overall safety. 

Additionally, if tenants are unable to pay rent due to inflating income on their application, this can also be damaging to your company and community as a whole, especially if the budget is tight. Ensuring that all residents are able to pay full rent on time is crucial in order to cover expenses for maintaining the landscape properly, provide amenities, and other perks for your tenants. 

ID Verification Software to Prevent Rental Fraud 

While many companies have been affected by rental fraud and they are aware of it, they’re unsure how to manage the issue. We provide ID verification software to scan Ids in real-time for apartment communities. Within seconds, you can see if an application ID passes or fails. Additionally, this software can be used to scan residents. Id’s that are entering the community as a guest, further ensuring the safety of all residents. CheckpointID helps to protect your staff, residents, and financial investments by preventing rental fraud and improving leasing safety. Interested in learning more about how our Id verification software can help your business? Request a demo today!