If a Zillow or Craigslist apartment listing sounds too good to be true, it probably is.
Most fraud victims lived in Spanish-speaking and immigrant communities, and were in search of affordable housing.
Thats a 64% increase from the previous year.
Heres how to spot a scam and keep yourself safe.
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Hijacked property listings use a real address but replace the contact information with the scammers email and phone number.
Did you know?
Here are five ways to safeguard yourself against rental scams.
Scammers often post fabulous looking rentals at rock bottom prices to get as many applicants as possible.
Check out the spelling and grammar of the ad.
Listings with grammatical errors or strange verbiage are often tell-tale signs of fraudulent postings.
Dig Into the Details
First things first: Google the address to ensure the place exists.
Next, do a Google search on the property owners, real estate agent and/or property management company.
See if the rental company has bad reviews or warnings that it may be involved in a scam.
If you find the same ad listed under a different name on another website, thats a red flag.
see to it to meet with the property manager or agentatthe unit.
Live out of town and cant tour the property in-person?
Set up a video call.
see to it they give you a full tour and dont let them rush you off the phone.
But seriously, think twice.
It may be difficult if not outright impossible to get your money back once you realize youve been scammed.
Never pay with wire transfers, cryptocurrency or gift cards either.
If someone tells you to pay this way, its a sure sign of a scam.
Theyre out of town or out of the country is a big one.
Be skeptical if the poster encourages you to do a drive-by instead.
Peaking through the windows isnt the same as getting a tour.
The current owner may not even be aware that their home is listed as a rental.
If the poster does show up to the rental, ensure they have the keys.
Dont settle for Im getting the locks changed.
If youre the victim of a rental scam, immediately report any transfer of funds to your financial institution.
You should also report the crime to your local law enforcement agency and theFederal Trade Commission.
you’re free to also file a report with theFBI Internet Crime Complaint Center.
Rachel Christian is a Certified Educator in Personal Finance and a senior writer for The Penny Hoarder.
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