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RentSpree’s relationship with TransUnion is allowing the property management software company to improve how it screens tenants for evictions and criminal records, Inman learned in a May 15 statement.
TransUnion’s access to state and local court records and its national reach buoys RentSpree’s ability to adjust its screening to the ever-evolving state and local laws surrounding personal privacy, determining what data can be used to screen tenants and what agents and property managers are allowed to share and consider.
To accommodate for variable regulations, TransUnion’s data helps RentSpree apply “conditional acceptance,” for example. This workflow will approve or deny based on traditional applicant metrics before criminal records are considered. The company said this will ensure compliance with local fair housing rules and help cut down on bias in leasing decisions.
“With these enhancements, RentSpree is reaffirming its commitment to empowering real estate professionals with tools that reduce risk, improve efficiency, and ensure compliance in an increasingly complex rental landscape,” RentSpree said.
RentSpree provides automation solutions for all stakeholders of the rental industry, including residential sales agents. It processes payments, flattens tenant screening, empowers marketing and automates the application process, among other features.
The company has partnerships in place with a large number of multiple listing services to assist real estate agents in how they serve leasing prospects and work with tenants as future buyers.
RentSpree updated its attention to tenants’ backgrounds last year, too, when it partnered with Finicity to help property management providers more accurately verify the income of lease applicants.
The company said in its statement that fraud reports in the rental industry include instances of identity theft and fake listings, as well as document forgery.
It should be noted that at least one industry report contradicts RentSpree’s data on the rate of fraud in 2024.
Citing fraud prevention technology company Snappt, Multi-housing News’ Lew Sichelman reported in a May 7 column that “the rate of fraud in the multifamily sector fell last year from 7.9 percent in 2023 to 6.4 percent in 2024. Total bad debt avoidance grew from $142.8 million to $156.7 million.”
Fraud rates, however, are market-dependent, according to Sichelman. “Memphis, with a fraud rate of double the national average, remained the market where scams were the most prevalent,” he said. “And the rates in Atlanta and Houston were four points higher than average.”
