Known as the City of Brotherly Love, Philadelphia, Pennsylvania, certainly has a lot going for it. It should come as little surprise that so many people are attracted to the idea of calling Philadelphia home. In terms of population, Philadelphia is the fifth-largest city in the entire country. In fact, if you happen to call Philadelphia home, there's a good chance you might run into a few celebrities while you're on the town. Just a few of the famous people who are either from Philadelphia or who have lived there include Bradley Cooper, Blythe Danner, Tina Fey, Kobe Bryant, and Reggie Jackson.
If you're a landlord, you already know that the rental market in Philadelphia can be lucrative, but it’s also vital to understand the importance of tenant verification in the process of managing your rental properties.
The Current State of the Philadelphia Rental Market
According to MPF Research, the Philadelphia rental market experienced some volatility during the early part of this year. This has largely been because Philadelphia was hit hard during the economic recession and has struggled to return to a consistent growth momentum. The good news is that demand has been solid, but only in spurts. Most recently, the metro area experienced an increase in development in response to an expanding millennial population. Overall, the rental market in Philadelphia seems to be growing slowly but steadily. Given that steady growth, it is now more important than ever for landlords to ensure they are taking advantage of tenant screening services when renting out their properties. This can be particularly true during periods of high demand when there may be numerous prospective tenants vying for the same property.
Why Tenant Screening Matters When Renting Properties in Philadelphia
While landlords often feel pressured to go ahead and fill a vacancy before they have had the opportunity to properly check out a tenant, this can prove to be disastrous. Unless you screen a tenant, you never really know what kind of tenant you are getting. An applicant can look great on paper, but without running a tenant screening, you never really know. Furthermore, one bad tenant could easily destroy your investment and rack up damages that far exceed the security deposit.
One of the most common reasons for many landlords in Philadelphia to avoid the tenant screening process is that they do not want to take the time to do it or spend the extra money. Fortunately, there are free tenant screening services available that can give you the answers you need and allow you to make a quick application decision without wasting time or cutting into your bottom line. For instance, VerticalRent provides free tenant screening services along with a host of other services to make it easier and faster for landlords to manage their rental properties. Take advantage of using an online rental application while checking credit, criminal, and eviction reports at absolutely no cost to you.