Fraudulent rental applications are on the rise as renters face mounting financial pressures.
In Toronto, Menkes Rental Suites Management found that more than half of the rental applications they reviewed in the past six months were fraudulent. 90 out of 175 were flagged for falsified pay stubs, fake credit reports, invalid IDs, and more.
Menkes isn’t alone. In August, a London property manager reported a noticeable increase in falsified tenant documents.
Sales agents aren’t immune either. Shay Asnani, a Toronto-based realtor, also noted a significant uptick in fraudulent applications from homebuyers within the past year.
According to Kimberly Sears of Menkes, the financial instability of the past few years is “catching up” with many applicants. “As a result, it [may be] enticing to manipulate one’s employment [and] financial documents hoping no one checks.”
As a property manager, you’re probably no stranger to fraudulent rental applications, but with the current surge, it’s important not to let your guard down. Do your due diligence, brush up on cybersecurity best practices, and trust your instincts.
More renter behavior headlines
Barrie landlord scammed by woman charged with posing as a nurse – CTV News
How to protect client data: privacy, PIPEDA and PropTech – PayProp blog
Brampton landlord caught in e-transfer interception fraud – CTV News
