There are more disadvantages of renting your apartment to a stranger (for monetary reasons) than advantages. On the contrary, there are more advantages and limited drawbacks if you have a prospective tenant with a clean record.

Leasing or renting an apartment involves a risk that is quite similar to the extension of your credit. Your cost continues to be added until you've cleared it. It is understood that landlords cannot have firsthand knowledge of the applicant’s reliability; nor can they keep an easy assurance that the particular tenant will be responsible for all future rent payments. The probable surmounting cost of having rented to an unreliable tenant could turn out to be a gamble. It could come in the form of lost rent that the tenant could not pay for whatever reason, or the cost of financial liability (mortgage), and the legal cost in case you were forced to evict the tenant. The disadvantages are plenty and if you are a landlord and choose not to screen your tenants, you might find yourself struggling for the very same reasons.

The next question is how?

The emergence and popularity of tenant screening agencies countrywide is a clear indication that more and more landlords are asking for a comprehensive tenant screening report. A word of caution here – select reliable tenant screening agencies, which have a good track record as well as an effective screening methodology. A reliable tenant screening agency would ensure a comprehensive check and thus ensure peace of mind.

What functions do Tenant Screening Agencies perform?

They provide you with a detailed tenant screening report of the prospective tenant, which is compiled with the help of various resources. A typical report should detail the following:

• A credit profile sourced from one of the three national credit bureaus.
• Public records: civil judgments, tax liens, and bankruptcies.
• Drivers license verification.
• Banking records.
• Personal information, address history, etc.
• Criminal and eviction information (if any).