Tag: rental screening

White House Introduces Renter Bill of Rights Examining Rental Screening February 2, 2023 Recently, the Biden-Harris Administration introduced a new set of standards called the Renters Bill of Rights. These standards intend to make renting more affordable and provide protections for tenants. It also takes a look at how tenant screenings affect the rental market. The Federal Housing Agency will look at possible limits on rent increases and ways to increase tenant protections. The administration hopes to introduce these standards at a time when many legislators have asked President Biden to have agencies such as the Federal Trade Commission (FTC) place limits on rent increases. Despite some cities enforcing rent control, the federal government has not enacted such regulations until now. Many progressive lawmakers sent a letter to the President encouraging him to take executive action to protect renters from increasing rents. These lawmakers emphasized a need for robust investment in affordable and fair housing. Without this investment, they claimed an additional timely executive action would become necessary to deal with the housing instability and the high cost of renting. The lawmakers also requested that the President instruct the FTC to issue regulations defining excessive rent increases. In addition, they want the FTC to enforce these regulations more strictly. Unfortunately, these suggestions go beyond what the administration has announced. Furthermore, the lawmakers suggested that the Federal Housing Finance Agency enact rent protection for people renting properties with mortgages backed by the federal government. This request has proven closer to what the President announced in the Renters Bills of Rights. The administration also encouraged state and local governments and the private sector to help protect renters. The Pennsylvania Housing Financing Agency and the Wisconsin Housing and Economic Development Authority have agreed to limit annual rental increases. This decision will affect federal or state-subsidized affordable housing to a maximum of five percent per year. Additionally, the National Association of Realtors has expressed this would give new resources to property managers in their network. These resources would encourage the managers to adopt new policies, such as advertising that they accept Housing Choice Vouchers. Another approach includes using alternative credit scores for applicants without an extensive credit history. The Association also recommends that property managers provide such applicants with information about rental assistance. These new standards could make it easier for many people to obtain housing. However, the Renters Bill of Rights will force landlords and property managers to run background checks carefully. Furthermore, the FTC will research practices that affect the rental market. This attention will make it crucial for landlords and property managers to partner with reliable background check companies. Pre-employ makes background checks easy and reliable. Speak with a sales representative today. Source

Tag: rental screening

White House Introduces Renters Bill of Rights Examining Rental Screening

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