Beware of Rental Scams
Picture this, you are looking for a rental home and after hours of searching online, you find the perfect place. Exactly what you were looking for and at an amazing price. You email the “owner” and he gets back to you right away. It turns out he lives a few hours away and can’t meet you to show you the place but he sends you more photos of the property.
The problem is, someone else wants your dream rental so the “owner” pressures you to move fast. You tell him you want the house and he emails you the lease. He then asks you to wire a deposit and he will mail you the keys.
But you never get the keys—you've been scammed.
It's competitive trying to find a place to live. Looking for a rental home can be stressful for many reasons including cost. For many, the most important part of a rental home is how much you'll be paying, and it can make you vulnerable to falling for a scam.
Rental scams are on the rise, they are becoming a serious issue. Scams put you at risk of losing your cash and giving scammers your personal information. More than 43% of renters have found listings that seem fraudulent, and more than 5 million have been scammed.
How do scammers work?
Scammers will go online and look for houses for rent. They'll steal photos and addresses of rental properties just to create a new "For Rent" ad acting as the landlord. They also cut their contact information so if someone is interested they'll be the first to know.
The monthly rent usually seems low, which attracts many people to the rental scam. When a prospective renter asks to see the house, there is an excuse as to why they can’t show the rental. The “owner” asks for an application and a deposit to secure the home over anyone else. They play with the fear of losing the rental home to someone else. As soon as they get their money, they disappear.
How do you avoid becoming a victim of a rental property scam?
- Search the property online to make sure it doesn’t appear with different phone numbers and prices
- Beware of “owners” claiming they are out of state and can’t meet you face to face
- Incredible low prices – If the rent price is too good to be true, it most likely is
- Never wire money
- Don’t pay for anything without seeing the inside of a house
- Beware of high-pressure tactics or an owner wanting you to send the money quickly
If a rental listing doesn’t seem right, for whatever reason, it probably isn’t. Watch for red flags, listen to your gut, and always double check information! Scammers use sites like Craigslist and Facebook Marketplace to place their ads, so beware if you are using these to find your new home.