Tenancy Fraud is on the rise due to rising housing and rent prices - but what impact does this really have on you, your tenants and the market? We break down the top scams used and how you can protect against Tenancy Fraud.
There are a number of tenancy fraud scams currently being used to dupe both landlords and agents, the main ones are:
There are other tenancy fraud scams as well, but these are the biggest ones to look out for.
First and foremost, tenancy fraud causes distrust. Distrust leads to increased costs and leads to more difficulty obtaining properties for future tenants. If you have ever been burglarised you will understand that the impact of the experience goes on longer than simply the return/repurchase of the goods that were stolen. The same is true of tenancy fraud. Tenancy fraud has cost implications for the landlord in legal fees for civil proceedings against the fraudsters, potential damage by unlawful and disrespectful subletters and concerns over security with key selling. For tenants, the rise of tenancy fraud contributes to housing shortages, increased rent charges and increased security checks which may make it more difficult for some people to obtain a rental property. Overall, tenancy fraud, according to some research, affects taxpayers by an estimated £900 Million each year!
Should you find yourself in the difficult position of the victim of tenancy fraud, R&R's team of experts are here to point you in the right direction of support. Want to find out more about our Property Protect service? Get in touch here to speak with a member of our team today.