How Can I Protect Myself From Rental Scams?

Renting a new apartment is thrilling, but navigating all of the technicalities, especially if you’re a first-time renter, may be daunting. While it’s critical to select the ideal floorplan and location, there are several other aspects of the process that require your undivided focus.

At the top of that priority list should be ensuring that you’re dealing with a legitimate and reputable property owner.

Sadly, many renters are still victims of apartment leasing scams. Dishonest landlords and fake listings frequently trap potential renters in a web of financial stress they didn’t expect. These pointers will assist you in spotting potential rental fraud and protecting yourself from it.

What Exactly Is a Rental Scam, and How Common Is It?

Rental scams can take many different forms. The most prevalent type of fraud is someone posing as a property manager or landlord for an apartment that they don’t own or that doesn’t exist. When the fraudster genuinely owns the property, the listing is frequently changed to make the flat appear much more enticing than it is. To try to lock you in financially, some scammers require a deposit before signing the lease.

According to a 2018 survey, 43.1 percent of renters have come across a suspicious listing, and 5.2 million renters in the United States have lost money as a result of rental scams. Renters aged 19 to 29 are the most common victims of apartment scams, with 42% of them suffering a significant financial loss. Even if they are very tech-savvy, most young tenants may not be able to spot a scam right once. They’re a generation that moves around a lot, so they’re always looking for a good deal, which makes them more vulnerable to a phony listing.

How Can I Protect Myself From Rental Scams?

1. It’s critical to be on the lookout for scams before it’s too late. If a listing or deal appears to be too good to be true, it almost certainly is. Examine the listing for any obvious faults or ambiguous information; poor language or spelling could indicate that the alleged landlord is untrustworthy.
2. Verify the legitimacy of the property you’re contemplating. Always request a meeting with the owner and a tour of the property. It’s a red flag if the landlord refuses to let you see it or demands a deposit first. Look up city records or chat with a building management to confirm the apartment’s ownership.
3. Never deal with cash-only transactions Cash-only transactions are untraceable, making it incredibly easy for a scammer to get away with your money. Many con artists insist on only dealing in cash or wire transfers. If the person requests a security deposit before signing a lease agreement, proceed with caution.
4. Verbal agreements are unreliable and can lead to problems later. In the event that something goes wrong, a written contract lays out all of the lease’s factors. Any suspected rental scam should be reported to your local police department or the Federal Trade Commission.
5. Rent from a reputable company, such as Equity Management Partners, and you won’t have to worry about being conned. Trusted property management companies employ experienced leasing agents who adhere to strict procedures in order to alleviate your concerns and simplify the process.

If you follow this advice, you’ll be able to find a new, safe home without adding unneeded stress to your life. The first approach to staying safe is to educate yourself on the many sorts of rental scams.