2022 Spirited
State of Apartment
Tenant Screening Survey
Never has the need to accurately screen applicants been so important.
Spirited recently conducted a survey of 230 US property managers to better understand today’s challenges.
Download the survey to learn what we found and how property managers are preparing to fight back.
What's Up with Tenant Screening?
The 2022 Spirited State of Application Screening survey sets out to discover:
- What keeps property managers up at night.
- What are the biggest challenges during tenant screening.
- And, what steps are most crucial to making sure only legitimate tenants get into your community.
What Keeps Property Managers Up at Night?
Property managers face a wide range of issues. Here are the top three things that keep them awake at night:
- Rent-related issues. Tenants being late on rent payment, paying less than full rent and (worst of all), stopping rent payments completely.
- Damaged Properties. Increasingly, property managers are seeing damage done to properties after tenants move out.
- Evictions. The cost of evictions averages more than $7,000 – and much more in high-end properties. Evictions are the single highest cost property managers face. In today’s world – with the pandemic, rising rents and an increase in fraud, evictions are becoming more common.
What Are the Most Time-Consuming Tasks for Verifying Rental Applicants?
The top three uses of staff time while screening tenants are as follows:
Checking the accuracy of the bank statement
Checking that the pay stubs are correct
Verifying references
This came as no surprise to us at Spirited, since we've witnessed firsthand how difficult it is to examine financial applications.
Property Managers Told Us Spotting Fake Financial Documentation is Their Biggest Challenge. Spirited can Help.
One in eight pay stubs and bank statement have been fraudulently altered by the tenant. Worse yet –you can’t spot the fakes manually. Spirited solves this problem. It scans the pay stubs and bank statements your tenants submit, and tells you within 24 hours if they are legit or fraudulent. The biggest benefits?
Reduce evictions
Reduce staff time checking financial documents
Stay clear of Fair Housing Act and FCRA violations
FREE GUIDE
Best Tenant Screening Practices for Property Managers
Many property managers are feeling the effects of the significant surge in fraudulent applications as a result of the digital tenant screening procedure. Anyone with a computer and Adobe Acrobat can alter documents in order to gain application acceptance.
Download your comprehensive guide to learn the best practices and technology you can implement to begin combating fraud in your community.
