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Rental Fraud Costs Americans $16B Each Year

Harmonic is a partner of Dwellsy.

Written by Jonas Bordo

Dwellsy’s Rental Fraud Survey shows renters have experienced considerable fraudulent activity online while searching for an apartment. 

Looking for a rental can be overwhelming – from defining what you need to apply for a place that matches your personal criteria. A recent survey conducted by Dwellsy shows that renters face an additional challenge when it comes to finding their home: rental fraud. Fraud has played a major role when it comes to online rental searches.

According to Dwellsy’s survey, over 60% of renters interviewed had recently encountered some kind of fraudulent or suspect activity on online rental platforms. Also, 44% of respondents knew someone or had personally suffered financial losses resulting from rental fraud.

Of all financial losses mentioned, around 85% of renters reported losses above $400 and 19% of the losses were more than $5,000. The situation is even worse than it seems. Dwellsy projects a $16.1 billion annual loss due to rental fraud, based on data gathered from survey respondents who reported losses.

rental fraud survey

Dwellsy works to be a fraud-free environment

As a rental marketplace built for renters, one of Dwellsy’s goals is to be a fraud-free space. We’re constantly creating ways to develop a safer environment for renters and catch fraudulent activity early on, so renters can have a less stressful apartment hunting experience.

That’s why we’ve created Dwellsy Edge. Dwellsy Edge offers a SafeSearch warranty that provides up to $2K of fraud protection for Dwellsy Edge Subscribers. But that is not all – Dwellsy Edge also offers additional benefits to improve renters’ chances of finding their homes safely and quickly.

About the Survey

Dwellsy’s rental fraud survey was conducted online in March 2022. Over 400 renters were interviewed in 42 states around the country. The main goal was to understand and bring to the spotlight to what extent renters have been facing rental fraud so that it is possible to come up with solutions for that problem.

About Dwellsy

Dwellsy is the marketplace that renters want and deserve, a comprehensive residential home rentals marketplace based on the radical concept that true, organic search in a free eco-system creates more value than the pay-to-play model embraced by all of the current rental listing services. Dwellsy has more than 13 million residential rental home listings, more than any legacy classifieds site—as well as the most diverse set of listings—including single-family rentals, condos, townhouses, and apartments at all price points.

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