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Tenant Screening Services Market - Popular Trends & Technological advancements to Watch Out for Near Future; Global Industry Analysis 2026

12-11-2018 10:48 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Transparency Market Research

/ PR Agency: Transparency Market Research
Tenant screening is the process of estimating potential renters for available apartment units. In general, the purpose of tenant screening is not to determine the eligibility of a tenant for a certain program, but to determine if the person is likely to be a good tenant. Widespread use of tenant screening services by property managers is a relatively recent practice.

Tenant screening agencies or private agencies that sell information about prospective tenants to property managers first began operating in the U.S. in the 1970s. There are many housing authorities and owners of multifamily subsidized housing that have written policies which include procedures related to tenant screening.

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Key driver of the global tenant screening services market is the rapidly growing rental housing market. Due to the Great Recession, rate of unemployment has been high and income has declined, constraining household budgets and making people shift toward living in rental houses. Young adults are the potential age group to rent a house due to changes in studies, jobs, etc.

Renting has significantly flourished in regions, especially in central cities, where land prices are high and low-income households are concentrated. Apart from this, technological progress has also been a key driver of the global tenant screening services market.

Tenant screening service companies are now able to collect information from public record databases and the major credit reporting agencies, store it in their own databases, and then distribute it to their clients quickly via fax or the Internet.

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In addition to local tenant screening companies, there is a growing trend toward large, national screening agencies that offer online services. Such agencies work exclusively through the Internet, are owned by large corporations, and usually do not have a local presence.

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