Tenant Screening Services Market

Tenant Screening Services Market – Overview

The global tenant screening services market is projected to witness significant growth from 2021 to 2031 (forecast period). A surge in renters and growing awareness about rental scams are major aspects that are expected to contribute to the expansion of the global tenant screening services market. Moreover, the number of renters is growing as people seek more freedom in homeownership or prefer higher-quality living spaces at a lower cost. This has also caused a spike in migration from rural areas to metropolitan areas, which has raised the demand for rental homes. Furthermore, the increase in migrants as a result of globalization is projected to have an impact on the growth of the global tenant screening services market.

Tenant Screening Services Market – Competitive Landscape

Prominent players active in the global tenant screening services market are Landlord Protection Agency, Apartment Services Plus/ASP Screening, Rental History Reports, Inc., Multi-Housing Credit Control, Rental Research Services, Inc., Tenant Check, and Renters Acceptance.

Market participants are employing a variety of ways to increase their market position, including product launches, mergers and acquisitions, joint ventures, and R&D activities.

Tenant Screening Services Market – Trends and Opportunities

The constantly expanding rental housing sector is a key factor projected to boost the worldwide tenant screening services market. Due to the COVID-19 outbreak, the unemployment rate has been significant, and income has fallen, putting pressure on household budgets and forcing individuals to live in rental homes. As a result, the global tenant screening services market is expected to witness growth during the forecast period. Young adults are a prospective age group to rent a house due to changes in occupations, studies, etc. Renting has grown dramatically in areas with high land prices and a concentration of low-income households, particularly in central cities.

Moreover, technological advancement is expected to boost the worldwide tenant screening services market. Tenant screening service providers can now gather information from leading credit reporting agencies and public record databases, keep it in their databases and swiftly send it to their clients through fax or the Internet. Aside from local tenant screening firms, there is a rising trend toward major, nationwide screening corporations that provide internet services. Such agencies operate solely through the Internet, are managed by major corporations, and typically lack a local presence. The rise of the tenant screening services market is also expected to be aided by an increase in local renting licensing.

Large agencies can do more thorough checks, allowing landlords to make more informed decisions regarding renting their homes. Employment verification, a study of court documents for tenant disputes, and a check of other tenants in the same building to establish eligibility or involvement in tenancy issues are examples of these checks. Tenant screening is an important aspect of rental decision-making since it can assist lessen the financial risk of renting out properties when rental vacancies are low globally.

Furthermore, small and medium-sized agencies can discover a plethora of options in central cities to provide tenant screening services. Small and medium-sized businesses use tenant screening services to address the security demands of their renters. Tenant screening services enable businesses in these sectors to compete with larger firms while still generating high-quality leads for potential renters on a limited budget.

Tenant Screening Services Market – Regional Landscape

The tenant screening services market in Asia Pacific is expected to grow during the forecast period due to the existence of emerging economies such as China, India, and Japan.

The North America tenant screening services market is projected to expand due to rising demand from real estate agents. Moreover, the United States and Canada are expected to make a significant contribution to the tenant screening services market in North America.

The tenant screening services market in Europe is anticipated to witness considerable growth due to the region's strong population growth and adoption of technological solutions.