“The Reality of Rental Fraud and How to Protect Yourself as a Landlord or Tenant”
Picture this: a client, who happens to be a landlord, sends me an email. They're thinking about renting out their property and are researching the market to see how their property compares to others. They check both realtor.ca and do-it-yourself landlord listings on Kijiji and Craigslist.
They quickly realize something doesn't add up. Some units on Kijiji are listed for $500-$600 less than similar ones on realtor.ca. Confused, they wonder, "Does this make sense?"
Their concern sends me on a mission to explore the rental market landscape. I start by checking the listings on realtor.ca and comparing them to Craigslist and Kijiji. As I delve deeper into the world of rental properties, I uncover the harsh reality of rental fraud, which has been skyrocketing in Toronto.
To help both landlords and tenants navigate the rental market and protect themselves from fraud, I've compiled a list of crucial tips:
If a rental property sounds too good to be true, it probably is. In a landlord's market, deals are rare. With skyrocketing interest rates and mortgages, the rental market in Toronto is sky-high. Keep in mind that if a listing appears too good to be true, it most likely is.
As a tenant, be cautious if a prospective landlord asks for a deposit before you've seen the unit or rushes you to transfer a deposit. This is a red flag. Perform your due diligence on the landlord just as they do on you. Look into the landlord's full name, check their social media profiles, and research them on LinkedIn.
Landlords should regularly check their listings, whether they're represented by a realtor or managing it themselves. Physically visit the listing, Google it, and look for duplicate listings to make sure no one else is fraudulently listing your property.
Rental fraud is a growing issue, and it's vital for both landlords and tenants to remain vigilant and informed. By following these tips, you can protect yourself and ensure a safe, secure rental experience.
