Landlords will be able to check tenant information starting next year

what is a tenant screening service?

if you're a landlord about to sign a new tenant, you've probably wondered, "Will this tenant pay the rent, will they be a good tenant, will they get into trouble?

the Korea Apartment Landlord Association has announced that it is preparing a landlord screening service to solve these worries. The Tenant Information Check Service is literally a system that helps landlords check various information before letting a tenant in.

this service is expected to help landlords identify risk factors in advance, which will help them form stable rental relationships.

information items that landlords can check

there are three main types of information that can be checked through the tenant information inquiry.

financial information

the most important part is the rent arrears check, which allows you to see the past three years of rent arrears and utility arrears. You can also see if the tenant has renewed their previous lease, which gives you a good idea of their stability.

lifestyle information

you can also find out about any daily conflicts that might arise, such as pets, number of cars, smoking status, and cohabitants, which is important for landlords to manage the living environment.

work and living patterns

you can also check the tenant's job, their main time of day, and even interview their previous landlord to get a sense of their rent payment history and willingness to rent again.

landlord screening services are already common overseas

while this may seem like a strange idea, it's not uncommon overseas.

zillow, the largest real estate platform in the U.S., has a tenant rating system that requires tenants to submit their own credit scores, late payment history, and more - it's a standard part of the contract.

in Germany, when you're looking for a place to live, it's common for people to fill out a detailed statement about themselves, including their income and occupation, and submit it to landlords and financial institutions.

even Airbnb has a system for hosts to rate their guests, so it's a natural progression for the long-term rental market to adopt this service.

how will this affect the market?

with the recent shortage of rental properties, landlords are becoming more selective, and it is expected that they will become more selective when tenant screening services are in full swing.

as a renter, managing your credit and lifestyle can be a key factor in finding a good place to live, so make sure you're prepared for these new changes in the rental market.

you might also be interested in our articles on the changes to the leasing system and trends in the sublet market.

frequently asked questions

when will the tenant information inquiry service be available?

the service is being prepared by the Korea Apartment Landlords Association and will be implemented in earnest next year. The exact date of implementation will be announced later, so keep an eye on the news.

can I look up information without the tenant's consent?

according to the Personal Information Protection Act, you need the tenant's consent to access their information, but it seems that it will be operated in a way that the tenant voluntarily provides the information.

will it make it harder for me to find a place to live if I have a history of late payments?

it can be a disadvantage if you have a history of late payments, but if you have a good record of making payments since then, you have a chance to explain yourself. It's all about building trust.

what information should I provide?

in addition to financial information, you can also include information about your lifestyle, such as whether you have pets, smoke, and who you live with, but be aware that sensitive personal information is protected by law.

will criminal records be checked like overseas?

the service currently in the works in Korea does not include criminal record checks. It will be mainly focused on financial status and lifestyle.

wrapping up

the introduction of the tenant information check service is heralding a new change in the sublet market, and we hope that it will create a transparent transaction environment for both landlords and tenants.

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