October 8, 2015

Renting as a College Student; A Tool for Parents

Finding housing for a college student can be a stressful undertaking? Parents want their children to have affordable and safe housing, but few consider the risks associated with the rental process. What used to require a landlord to take out an ad in the newspaper, advertising their property, can now be accomplished in minutes online, in many cases for free. So, what measures are in place to protect renter? The answer is, not many. This leaves students exposed to possible identity theft, loss of applications fees (typically $35/application) Landlord Fraud, and time.

RentValet is the first business to offer a patented process that mitigates the risks associated with renting and provides a reassuring solution to parents. We ensure that rental application fees are used for the correct purpose, purchasing a credit report, not buying the landlord lunch. We require our landlords to verify proof of ownership further reducing potential fraud. This offers parents and college students a piece of mind and additional confidence as they go through the rental process.

I personally experienced this when I attended Xavier University in Cincinnati, Ohio as an undergraduate. I moved off campus in 2003 seeking more independence and a place where I could live with a friend. We searched advertisements placed in the school newspaper and classifieds in the Cincinnati Enquirer, in addition to online sites. After identifying properties we wanted to see, we began the arduous process of calling each landlord and setting up an appointment. Several landlords failed to return our calls, some stood us up at the viewing, and others never responded after collecting our application fees.  We landed a great apartment after hours of time going through the process, but the experience was frustrating and every step was manual. Additionally, every application we completed included personal data like dates of birth, social security numbers. I really hope those were shredded.

Here is our video about Landlord Fraud:

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