We are hearing an increasing number of stories in the news about the financial and emotional risks both landlords and renters currently face in this perilous rental climate.
Rental scams are a constant threat for Canadians renting online, and as with any story, there are two sides to the discussion. While tenants are encountering fake listings, landlords grapple with issues of their own, such as unpaid rent, prolonged eviction procedures, and substantial property damage.
As both rent prices and mortgage payments soar across the country, increasing tension between landlords and renters has led to frustration on both sides of the rental process. Most landlords are aware of the risks inherent in renting, but the stakes are much higher as their margins for profit grow increasingly thin and landlord-tenant relations can become more fraught.
“We’ve heard horror stories about landlords facing tens of thousands of dollars worth of tenant damages and legal fees,” says Gregory Park, a rental expert at Vancouver-based digital rental platform liv.rent.
“Some of the examples are really saddening,” he adds, “just recently, a couple from Maple Ridge lost an estimated $50,000 as a result of intentional damages”. In many cases, landlords like these are left with little to no recourse as eviction can be stressful and time-consuming, and landlord insurance often doesn’t cover the entire cost of repairs.
Incidents have spiked in recent years and have also become more organized. “We’ve come across online groups with hundreds of tenants in them discussing how they would damage the properties they’re renting,” Park explains. “Renters are understandably concerned about a higher cost of living and the prevalence of fake listings, but a select few are lashing out, and it’s worsening the problem for both sides as it makes homeowners reconsider renting out their properties.”
Thankfully, these types of incidents are largely preventable.
Safety and mutual trust are essential to preventing disputes in the rental process, and liv.rent offers landlords a compelling solution in the form of their Trust Score tenant screening tool.
Going beyond a credit check, this comprehensive report evaluates applicants through multi-layered verification processes, including credit background checks, Equifax credit information, risk assessments, public court records, income, employment verification, and more, culminating in a score out of 100.
What sets Trust Score apart is the meticulous vetting and verification of information. Park notes, "Instead of relying on guesswork when choosing tenants, we verify identification, employment status, and other factors, making the process seamless for both first-time landlords and those accustomed to traditional methods."
This online platform also addresses the challenge of evaluating renters without a Canadian credit history, catering to international students and newcomers. Landlords can access a full report on applicants' suitability, including relevant documents for international renters, ensuring a fair assessment of potential tenants.
liv.rent's mission is clear: to make renting easier and safer for both landlords and renters in Canada. By providing much-needed verification features, the platform offers peace of mind to renters while empowering individual landlords with tools traditionally reserved for larger property management companies.
"We make renting as simple and straightforward as possible," Park affirms. liv.rent's website is designed for a streamlined user experience, complemented by an attentive support team ready to provide demos and guide users through the entire process.
In a rental landscape fraught with uncertainties, liv.rent stands out as an ally for both landlords and renters to navigate current challenges and rent with confidence.
