As a result of the U.S. economic downturn and housing bubble burst, an increasing number of people are choosing to rent, rather than own. In fact, according to the Census Bureau, home ownership has fallen to 65.4 percent, as compared to the peak of 69 percent home ownership in 2006. This equates to about three million more households renting today than six years ago.
This shift toward renting is due to a wide variety of factors, including higher lending standards, a lack of down payment funds and the fact that it has become cheaper to rent than to own a home.
With an influx of renters, there are also a much larger number of landlords, many of which do not have the resources or the know-how to protect themselves against unruly tenants.
Fortunately, a newly redesigned tenant screening platform available from the Rental Protection Agency helps landlords run accurate reports and background checks on potential tenants. The new system from RPA provides landlords with an increased level of functionality, including easier tracking, more detailed data and a more user-friendly interface, and allows them to perform a 3-in-1 background check.
The 3-in-1 background check includes a 50-state criminal check, an identity trace and a stolen identity search, and a global, FBI and Homeland Security check.
And unlike other, more basic, screening systems available on the market, the RPA’s new address history feature allows landlords and property managers to view detailed data on their tenants’ previous addresses.