The housing market continues to heat up and now is the time to expand tenant screening to co-ops and housing sharing. Conducting thorough tenant background checks on rentals and joint ownership property is a valuable tool in protecting people and property. As the housing market continues to explode into 2016 it is getting increasingly difficult for business professionals and others to find acceptable housing accommodations that fit within their budget.
Enter co-ops and housing sharing… Soaring housing costs have affected many regions of the country but none more than in California’s Bay Area which includes Silicon Valley. The median monthly rent for a one bedroom apartment in this area is $2,695 way above most people’s budget. So co-living arrangements have emerged from getting apartment roommates to sharing single family homes to living in a housing cooperative. The housing shortage has made it difficult for even well paid professionals to afford decent living conditions.
In these parts of the country where these alternative living arrangements are being made, it is important that even these individuals undergo a thorough tenant screening process. This is an often overlooked rental populace as these living situations are not your typical main stream rental relationship. Instead these type of renters often go under the radar and could potentially cause harm to person and property.
As with traditional landlord/renter relationships, co-op and roommates should use a tenant screening company to properly vet potential tenants before a lease or living arrangement agreement is made. The tenant background checks should include criminal background checks, sex offender checks and reference checks including employment references and personal references. By conducting these checks the risks involved with co-habitation become much lower and aid in the protection of people and property.
To learn more about co-ops, housing sharing and other alternative living arrangements in a hot rental market and why tenant background checks should not be overlooked read recent TenantScreeningUSA.com press release.