RentSpree, a provider of rental software in the U.S., announced the launch of its new income verification report, a tool confirms an applicant’s income based on their bank account transactions from the past 12 to 24 months. The result should boost accuracy and cut down on potential fraud.
RentSpree has partnered with Finicity, a Mastercard company, which powers the entire process. Finicity provides a one-time encrypted connection during which an applicant is prompted to log into their bank account, thereby generating a detailed financial report.
Income verification is a critical need for rental agents, supplementing traditional credit reports by offering a comprehensive view of an applicant’s financial stability and their capacity to meet rent obligations. As RentSpree’s fourth report offering — alongside credit, background and eviction details— the new feature significantly reduces the time agents spend on manual document requests and reviews, enabling a quick assessment of an applicant’s ability to fulfill their rent commitments.
“This enhancement provides substantial value to our users and addresses a significant pain point faced by rental agents,” said Michael Lucarelli, CEO and Co-Founder of RentSpree. “This feature facilitates the rapid verification of an applicant’s income based on actual transactions, providing clear evidence of their capacity to afford the monthly rent.”
A recent NMHC Pulse Survey including responses from apartment owners, developers and managers highlighted the prevalence of fraud in the real estate sector, with about 93% of respondents reporting incidents of fraud over the past year. Common issues included falsified pay stubs, misrepresented application information, identity theft and fraudulent payment methods.
“It’s extremely challenging to accurately assess the income of rental property applicants,” said Lucarelli. “This is a possible fraud and financial risk in the event that a future tenant cannot pay their rent, which then results in lost rental income and possibly legal costs.”
Known for its user-friendly rental management software, RentSpree consistently delivers a comprehensive suite of tools designed to streamline the rental process. This latest feature underscores the company’s commitment to providing innovative solutions that enhance efficiency and reliability for rental agents and property managers, the company said.
