Before purchasing a home, many people opt to rent an apartment or property to live in. This gives them time to save up and learn how to live independently. Rental properties can also come with a number of other benefits like free wi-fi, maintenance, and repairs.
However, despite the numerous merits of renting a property, there are numerous details that people need to go over beforehand. One of the most important pieces of information that they need to learn is how to avoid rental scams. People fall victim to rental fraud all the time; even in major cities like Toronto.
Before potentially wasting hundreds or thousands of dollars on a rental scam, people should know how they work and how to avoid them. By doing so, renters can differentiate between a real opportunity and a swindle.
Tip #1 - Learn How Rental Scams Work
Although rental scams are an old tactic, the internet has changed the landscape. Modern scammers will often take photos and information from people on the internet. The scammers will then use what they have gathered to create fraudulent posts on websites like Kijiji or Facebook rental groups. In general, the end goal of the scammer is to obtain the first month’s rent and a downpayment from unknowing renters.
Tip #2 - Watch Out For Prices That are “Too Good To Be True”
When it comes to renting an apartment, house or any other type of property, renters can never be too suspicious; especially when it comes to aspects like pricing and screening. If the rental property is listed at a price that is too good to be true, then renters should be wary. This is due to the fact that is could be a fake ad. Scammers will often list the property at a rock-bottom price. They do this to entice more potential renters.
Additionally, renters need to be cautious if the “landlord” doesn’t require screening beforehand. Many legitimate landlords won’t let a tenant into their property without being screened. This is due to the fact that they want to rent to people that they can trust.
Tip #3 - Meet the Landlord In Person
Many landlords want to meet their potential tenants before they move into the property. This gives the landlord a better idea of how the potential tenants behave. If the landlord can’t meet in person, they may be a rental scammer. To ensure that the rental agreement is legitimate, renters should always set up a meet with their potential landlord. It is even better if the landlord can meet with the renters at the apartment or property.
Renting an apartment or property is a satisfying and exciting part of a person’s life. However, before rushing into it, everyone needs to learn how to avoid rental scams. Thankfully, there are numerous things that renters can do to avoid rental scams. Some of these things include knowing how rental scams work, always being suspicious and meeting the landlord in person.
Get in touch if you have any more questions. I’ll be happy to help.