Startup Creates Scrutinizing Rental App, Naborly, a Promising Answer to Landlords’ Prayers

rental-application-mobile-1With the real estate market flaring up to meet the countless needs of those it services, landlords are choosing to use a new digital tool in order to curb the number of applications they receive. Naborly, a new startup and mobile rental app, is here to ease that process for landlords and property owners.

Naborly is able to analyze up to 500 data points on potential renters. The method for screening tenants allows potential landlords to scour everything from Facebook profiles to employment history, warning landlords against those struggling to pay their rent and other red flags. Toronto-based Dylan Lenz founded Naborly and was encouraged to do so after traveling to India with his wife in 2014. Ahead of travel, they rented out their property reckless tenants, who caused $22,000 in damages. There were giant trucks of garbage on the property and the basement was flooded.

The unique app allows landlords to create custom tenant applications, which will collect information. Beyond credit scores, the app employs an algorithm that analyzes data and shares a score that allows landlords to read potential risks.

Naborly, to date, has processed more than 500,000 rental units in Canada and the U.S. There are two sides to the ‘Naborly’ coin: leasing with a horrible tenant can be detrimental for a landlord and tenants find that apartment searches can be a blood sport. For that reason alone, article after has been written about the nature of the apartment search, as well as how to access no-fee apartments.

Motherboard reports that the Bank of Montreal recently published a report, which indicated that 60 percent of Millennials surveyed voiced weariness about their rent, and 70 percent or so communicated a willingness to delay buying a home until they could afford it, opting to continue to rent in the meanwhile. This has caused landlords to become overwhelmed by applicants and applications; this is even the case for the shoebox-sized space regulated to the corner of a chilly basement.

An improved system for assessing tenants and reviewing credentials includes software that scours social media, verifies identity, reveal truths, and reviews macroeconomic trends. The Naborly screening process should make securing a tenant and an apartment easier. The app promises to level the playing field, and newbie landlords managed the lengthy process of finding the perfect tenant.