Screening your tenants effectively is incredibly important. Bad tenants can be costly, they’re hard to evict, and they can do untold damage to a property whilst leaving little recourse for a landlord to pursue justice or reimbursement in such scenarios.
Which is why a number of tenant screening services have appeared over the years. These services, aware that the landlord may screen multiple tenants and is unlikely to want to pay for them all, traditionally forward the charge for their service onto the tenant.
This annoys us for a couple of reasons. The first is that they can be quite expensive often $35 or more (which is why few landlords would want to pay for all the tenant screening reports they run). Second, if your first interaction with someone includes a $35 fee you aren’t going to be positively disposed towards them. This is an unnecessary strain on the relationship.
On top of this, there are the recently enacted New York regulations.
New York’s recently passed bills mean a landlord can only recoup $20 worth of costs for tenant screening.
This is why we’ve introduced a tenant screening service that’s completely free of charge for both Landlords and Tenants.
The bulk of the landmark changes to New York’s rent laws are aimed at strengthening protections for New York City’s tenants who have to contend with incredibly high rents.
But buried in the 74-page bill is an expansive patchwork of new protections that apply to all renters statewide.
Taken together, the new laws — on everything from evictions to security deposits to rent caps for residents of mobile homes — represent a significant power shift away from landlords.
When it comes to Tenant Screening these new laws limit a landlord's ability to pass the tenant screening fee on to the tenant meaning the process for screening could begin to cost landlords a pretty penny.
Tenant screening, as we mentioned before traditionally allows for the landlord to pass on the cost of the screening to their tenants. Which allows services like Cozy to misleadingly advertise their tenant screening service as “Free”. What they mean by free, is free for the landlord, however, it’s still expensive for the tenant, and as such is not compliant with the new laws in New York.
This new law then makes tenant screening a costly process for landlords. Or at least it would use popular services like Cozy.
We've partnered with Naborly© to help landlords automatically and securely verify their tenant's identity, income, and employment, while also providing a complete credit report and criminal background check absolutely free(for everyone)!
It's that simple! Find out more about how it works.
You get a thorough tenant screening report which includes all of the following:
Initially, we introduced our free tenant screening service in line with our mission values, to make the lives of Landlords and Tenants easier. However, in light of the new regulations and restrictions put in place but the New York state it seems our introduction of truly free tenant screening is quite timely.
These new laws make New York the most stringently regulated state in terms of rental regulations. However, we don’t think it’s out of the question for a number of other states to follow New York’s example and introduce similar regulations to protect renters.
The added benefit of creating a more positive landlord, tenant relationship is a bonus in this scenario.
We’d love to hear your thoughts on the Free tenant screening as well as on the new laws passed by the New York state.
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