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How to Spot and Avoid Rental Scams

While searching for rental properties, some renters fall victim to scams designed to steal their money. According to FBI statistics, American renters lose tens of millions of dollars annually to these scams. Here are seven common signs of rental scams and tips on how to avoid them.

1. Rental Pictures Look Too Good to Be True

What to watch out for: If an online ad features photos of high-end appliances and luxury amenities with a surprisingly low rent, be suspicious.

How to avoid the scam: Perform a reverse image search to see if the photos appear elsewhere online. Always ask to see the property before signing a lease or putting down a deposit.

2. Rental Listing Contains Errors

What to watch out for: Look for misspelled words, grammatical mistakes, and strange formatting in rental listings. These could be signs of a scam.

How to avoid the scam: Carefully review rental listings to spot errors that raise red flags.

3. You’re Pressured to Lease Right Away

What to watch out for: If a landlord is rushing you to sign a lease, proceed with caution. High-pressure sales tactics are often used by scammers.

How to avoid the scam: Take your time to decide whether you want to sign the lease. Review the lease details thoroughly.

4. You’re Asked for Money Upfront

What to watch out for: Be cautious if asked to make a deposit or pay the first month’s rent before touring the property.

How to avoid the scam: Verify the person who posted the listing owns or controls the property. Avoid sending money via wire transfers, gift cards, prepaid debit cards, or cryptocurrency.

5. There’s No Credit Check Involved

What to watch out for: Be wary if someone offers to lease a property without a credit check. Scammers might also set up fake credit checks to steal your personal information.

How to avoid the scam: Look for requests for a credit check, income verification, and other typical landlord requirements.

6. You Can’t Tour the Property

What to watch out for: If someone offers an excuse for not letting you tour a property before signing a lease, be cautious.

How to avoid the scam: Always tour a rental property before signing a lease and turning over money.

7. The Rent Is Very Low

What to watch out for: An unusually low rent might be a sign of a scam. Scammers often lure victims with rock-bottom rates.

How to avoid the scam: Research typical rental rates in your area. If a rate seems too good to be true, it probably is.

What to Do if You’re a Victim of a Rental Scam

If you suspect you’ve fallen victim to a rental scam:

• Contact your bank immediately to see if you can cancel transactions related to the scam.
• File a complaint with local police, the FBI, or the Federal Trade Commission (FTC).
• Set up a fraud alert on your credit reports if you provided sensitive personal or financial information.

The Bottom Line

Scammers operate in various sectors, including the rental industry. Stay alert and watch for warning signs of rental scams. Being cautious during the rental process can help you avoid headaches and financial loss.

For any mortgage service needs, contact O1ne Mortgage at 213-732-3074. We’re here to help you with all your mortgage needs!

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