Low-income renters are often faced with multiples fees in their apartment hunting journey. The frustration has led to many renters demanding a portable background screening report to lessen the financial burden on them when it comes to searching for another apartment. "With rental application fees averaging $50.00 across the United States, it was important for us to develop a comprehensive platform [AppSingular] that solves this growing problem for low income renters," says Matt Angerer, CEO of VerticalCloud. VerticalCloud created AppSingular (www.appsingular.com) for the renter market. With over 32% of the American population deciding to rent (instead of buy), the platform allows renters to initiate the background screening process themselves and avoid multiple processing fee charges.
A renter can sign up for free at www.AppSingular.com. They are asked to complete a secure electronic rental application and purchase a credit report for $20. Once they purchase a credit report, they can securely share their "application package" with one or many landlords electronically. "As a landlord today and once a renter, I understand the struggles faced by both parties. Our goal was to alleviate many of the struggles with an integrated platform [VerticalRent and AppSingular] that not only helps low-income renters, but also provided landlords with a myriad of tools to manage their rental properties," says Angerer.
Apparently the consumer-initiated model is working across the United States as the platform rapidly proliferates in every rental market. Another advantage for renters is that the consumer initiated screening package does not create a hard inquiry on the renters credit report, and therefore, does not impact the renters impact score. In the traditional model, renters are dinged continuously with each apartment they fill out a rental application.