Renters more likely to get scammed

New York /
Jun.June 29, 2009 08:32 AM

Brokers say that as rental prices decline, potential renters are more likely to fall for scams. “We deal with customers all day long who think the market is 60 percent off when it’s really 15 to 20 percent, depending on the location,” said Gary Malin, president of Citi Habitats. “Those are the types of people who are susceptible to scams. Whereas when you’re in a very strong market and hearing that prices are escalating and vacancies are hard to find, people are more leery.”One of the most common deceptions is a keys-for-cash gambit where a scammer takes information and pictures from a legitimate rental or sales listing and reposts it under another name with a low rent. Prospective renters are then tricked into paying an application fee or submitting cash to borrow the keys to the unit. Students and out-of-towners are more apt to fall for plots like the keys-for-money scheme, said Leonard Gordon, the director of the Federal Trade Commission’s Northeast office.


Related Articles

arrow_forward_ios
Landlords were less likely to respond to renters they thought were African American or Latino. (iStock)
Landlords more likely to ignore applicants of color
Landlords more likely to ignore applicants of color
Terwilliger & Bartone managing partner Anthony Bartone and 461 Railroad Avenue in Westbury LI (Google Maps, Terwilliger & Bartone, iStock)
Westbury apartment project scores 20-year tax break
Westbury apartment project scores 20-year tax break
Light i-sales precede heavy eating
Light i-sales precede heavy eating
Light i-sales precede heavy eating
Secratary of the Treasury Janet Yellen (Getty, iStock)
Treasury Department to ease rent relief backlogs with reallocations
Treasury Department to ease rent relief backlogs with reallocations
(iStock)
Rents in New York and South Florida metros surged more than 30%, led nationwide rise
Rents in New York and South Florida metros surged more than 30%, led nationwide rise
How long does it take to lease an affordable housing project? Too long
Red tape keeping affordable units empty for 15 months
Red tape keeping affordable units empty for 15 months
Inventory is lighting a fire under rents (Getty)
Eviction bans squeezed supply, bringing rents to boil: report
Eviction bans squeezed supply, bringing rents to boil: report
Gov. Kathy Hochul, CHIP Executive Director Jay Martin, and RSA President Joseph Strasburg (Getty, Strasburg via Jeffersons Siegel)
Fudging the numbers? Landlords say NY gamed survey to save rent stabilization
Fudging the numbers? Landlords say NY gamed survey to save rent stabilization
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...