Add one more problem to the challenges facing some apartment owners and managers: tenants who lie on their rental applications.
Responding to a survey conducted by the National Multifamily Housing Council between November 15, 2023 and January 9, 2024, 93.3% of owners/managers said they had experienced fraud in the past year – and that the level was on average 40.4% higher than the prior year. One of the most common types of fraud was fake or falsified pay stubs, employment references or other forms of income documentation, reported by more than 84% of respondents.
Misrepresenting information on applications came second, followed by identity theft, unauthorized cohabitants or sublets, and fraudulent checks.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
