Press release

Rentify Launches AI Tool to Empower Property Managers to Screen Prospective Tenants Using Bank Data

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Sponsored by Businesswire

Rentify, a technology platform designed by real estate and technology innovators, today announced the general availability of its online tool to help property owners and managers improve their ability to screen prospects and identify ideal residents. Rentify uses an AI-driven approach that replaces credit checks with a comprehensive analysis of prospects’ overall financial picture that leverages bank data. Credit checks often provide incomplete and misleading information that fails to uncover serious risk factors. Rentify solves this problem by providing a much deeper snapshot of a prospect’s financial history, allowing property owners to make more informed, better decisions in a matter of minutes.

“Credit checks don’t address the most important issue – the ability of tenants to pay rent every month,” said Rentify CEO Chad Guziewicz. “We didn’t set out to build a better way to check credit scores – we wanted to create a radical new approach to tenant verification based on looking at bank balances, total income, overdraft history, past rent issues, and other factors. Our platform had a successful beta test over the last several months, and we are excited to roll it out to the market.”

Property owners can create a Rentify rental application, select their questions and criteria, and ask prospective renters to connect with their banking institutions to provide a detailed report called a Bank Check. This document contains the applicant’s bank balance, total income, employer information, overdraft frequency, rent payment issues, bill payment issues, and red flags such as past bankruptcies. Rentify verifications are paperless, cost half as much as credit checks, and can be done instantly, building instant trust between landlords and tenants by getting everything out in the open.

Jamie Troke, owner of Ekort Property Management, which operates more than 200 rental units in Ontario, says, “We needed a better way to identify good tenants. Credit checks don’t give insight into monthly bank balances, but Rentify can give us access to that kind of information in a matter of seconds, and show us applicants’ financial health and past activities to pick out ideal tenants. The results have been amazing. We can determine almost instantly if someone is a good fit. I am extremely impressed with what the Rentify team is doing across the industry. This is truly a game changer.”

The Rentify online platform is now available to property owners and managers across Canada. For more information, contact Rentify by phone at 855.220.6709 or email at support@trustrentify.com.

About Rentify

Rentify is an AI-powered tool that empowers property owners and managers to screen and identify ideal tenants to move into their buildings. Our mission is to solve a big problem facing the rental industry: the failure to identify potential problem tenants before they sign a lease. Our platform analyzes prospects’ digital bank statements with advanced AI to verify their employment, income, identity, past rent payments, bill payments, and other critical screening data points not available in traditional credit checks. Rentify automates the entire verification process securely and simplifies the rental application for tenants from hours to minutes at a fraction of the cost of credit reports and employment verification checks. We remove the guesswork from tenant screening and provide a non-biased, transparent view of a prospect’s full financial data.