Tenant Screening Services Market Size, Share, Growth, Trends, And Global Industry Analysis: By Type, By Application and Region Forecast 2024-2030
The tenant screening services market size was valued at US$ 3,278.4 million in 2023 and is projected to reach US$ 5,368.6 million by 2030, at a CAGR of 7.3% from 2024-2030. Moreover, the U.S. tenant screening services market is projected to grow significantly, reaching an estimated US$ 2,256.1 million by 2032.
Tenant screening services are professional services offered by consumer reporting agencies to landlords and property managers to assess potential tenants. The common services offered by tenant screening services include credit checks, criminal background checks, eviction history, and verification of employment and income. The tenant screening services market is growing very fast as the demand for rental properties increases and the landlord wants to minimize the risks associated with unreliable tenants. Currently, North America leads in the market due to strict regulations and high demand for rentals.
The tenant screening services market share is inclusive of several companies such as Tenant Check, Renters Acceptance, Rental Research Services, Rental History Reports, Multi-Housing Credit Control, Landlord Protection Agency, Apartment Services Plus/ASP Screening and so on.
TenantCheck, an award-winning free online tenant screening service designed to help housing agencies across the country help themselves. In use since 1997, TenantCheck was the first web service in the housing industry with wide usage. From there, it has gathered millions of uses from thousands of housing authority users, saving housing authorities an excellent amount of money by coming up with a perfect anti-toll for tenant fraud.
By Type: The maximum share in the tenant screening services market is contributed by the segment of Landlord Referencing. This is the dominant segment because it includes comprehensive background checks, previous landlord references, which are very important for landlords in assessing the reliability and rental history of a tenant. Landlords rely heavily on this information to minimize the risk of rental defaults and property damage.
By Application: The highest share of the tenant screening services market is being generated by the Small and Medium Agencies segment. This is because property management agencies small and medium in size are more inclined to require advanced and less expensive screening solutions for proper management of rental properties. Such agencies normally receive more rental applications and need sound tenant screening services to make the right decisions regarding tenants in order to minimize risks and preserve value.
Study Period
2024-2030Base Year
2023CAGR
7.3%Largest Market
North AmericaFastest Growing Market
North America
The tenant screening services market is driven by the increasing demand of landlords for the reliability and financial stability of tenants. For instance, 44% of landlord in 2016 SmartMove Survey said that they will not overlook relevant criminal history. Factors such as credit score assessment, income verification, and background checks are important to make an informed decision. For instance, a tenant's credit score may indicate their level of financial responsibility, while verifying income ensures that they are able to pay the rent. Rental and eviction history may also be used as indicators of a tenant's reliability. The more landlords attempt to reduce the risks associated with rental defaults and property damages, the greater the demand for these services.
Some of the limiting factors include privacy issues and legal compliance. Data sensitivity requires total compliance with data protection acts, for instance, Fair Credit Reporting Act in the United States, which are time-consuming and costly for service providers. In addition, service costs may present a limit for some landlords, especially very small property owners who would find charges too expensive. A study report reveals one in eight rental applications is containing fraudulent documents. Therefore, the need for effective screening exists, but the processing has problems of accuracy and dependability.
The market of tenant screening services offers extraordinary opportunities since the demand, especially from landlords and property managers, for sure tenants is experiencing a great surge. Given the rise in rental property investments and the growing urgency to mitigate financial risks caused by unreliable tenants, there will be increasing demand for all-around screening services. Advancements in technology, like automated income verification and property management software integration, streamline the process of tenant screening. This trend is supplemented by the rising trend of online rental applications, making the screening process easier and allowing for the expansion of screening services.
Data accuracy and concerns around data privacy are just a few of the many issues posed against tenant screening services. Wrong or old data information might lead to wrong judgment about people, which in other instances might lead to denial of good tenants while an untrustworthy person becomes the tenant. This becomes quite challenging because when people have to deal with persons' sensitive personal information, laws about data protection, for example, the FCRA applicable in the U.S, require them to act meticulously while processing such data while not forgetting that complexity sometimes incurs costs in any form.
North American region heads the market in terms of tenant screening services. It is because of the tremendous demand for rental properties coupled with stringent regulations regarding the screening of tenants in both the United States and Canada. In this region, property managers and landlords are continually looking for comprehensive screening to minimize risk and ensure trustworthy tenants. The strong presence of well-established service providers added to robust technological infrastructure provides a further boost to growth within the North American region.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
|
Report Study Period |
2024-2030 |
|
Market Size in 2023 |
US$ 3,278.4 million |
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Market Size in 2030 |
US$ 5,368.6 million |
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Market CAGR |
7.3% |
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By Type |
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By Application |
|
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By Region |
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There is also booming tenant screening services, led by the increasing demand for renting a property and the landlord's concern over having a decent tenant. Technological innovation, such as automated income verification or integration with property management software, shall increase the efficiency and accuracy in screening services. However, this market's growth is restrained by drawbacks such as inaccurate data, privacy problems, and expensive service costs. Despite these challenges, the market presents a huge opportunity especially in North America, with high demand for rentals, all factors which contribute to the need to screen properties.
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The tenant screening services market is driven by the increasing demand of landlords for the reliability and financial stability of tenants.
The market's growth is restrained by drawbacks such as inaccurate data, privacy problems, and expensive service costs.
The highest share of the tenant screening services market is being generated by the Small and Medium Agencies segment.
| 1.Executive Summary |
| 2.Global Tenant Screening Services Market Introduction |
| 2.1.Global Tenant Screening Services Market - Taxonomy |
| 2.2.Global Tenant Screening Services Market - Definitions |
| 2.2.1.Type |
| 2.2.2.Application |
| 2.2.3.Region |
| 3.Global Tenant Screening Services Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Product Landscape |
| 3.6. New Product Launches |
| 3.7. Impact of COVID 19 on Market |
| 4.Global Tenant Screening Services Market Analysis, 2019 - 2023 and Forecast 2024 - 2030 |
| 4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5.Global Tenant Screening Services Market By Type , 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 5.1. Full Income Verification |
| 5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Landlord Referencing |
| 5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Instant Credit Check |
| 5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 5.4. Right-To-Rent Checks |
| 5.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.4.3. Market Opportunity Analysis |
| 5.5. Tenant Suitability Check |
| 5.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.5.3. Market Opportunity Analysis |
| 6.Global Tenant Screening Services Market By Application, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 6.1. Small And Medium Agencies |
| 6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Large Agencies |
| 6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 7.Global Tenant Screening Services Market By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 7.1. North America |
| 7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Europe |
| 7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Asia Pacific (APAC) |
| 7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Middle East and Africa (MEA) |
| 7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 7.5. Latin America |
| 7.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.5.3. Market Opportunity Analysis |
| 8.North America Tenant Screening Services Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 8.1. Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.1.1.Full Income Verification |
| 8.1.2.Landlord Referencing |
| 8.1.3.Instant Credit Check |
| 8.1.4.Right-To-Rent Checks |
| 8.1.5.Tenant Suitability Check |
| 8.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.2.1.Small And Medium Agencies |
| 8.2.2.Large Agencies |
| 8.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.3.1.United States of America (USA) |
| 8.3.2.Canada |
| 9.Europe Tenant Screening Services Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 9.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1.Full Income Verification |
| 9.1.2.Landlord Referencing |
| 9.1.3.Instant Credit Check |
| 9.1.4.Right-To-Rent Checks |
| 9.1.5.Tenant Suitability Check |
| 9.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1.Small And Medium Agencies |
| 9.2.2.Large Agencies |
| 9.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.3.1.Germany |
| 9.3.2.France |
| 9.3.3.Italy |
| 9.3.4.United Kingdom (UK) |
| 9.3.5.Spain |
| 10.Asia Pacific (APAC) Tenant Screening Services Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 10.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1.Full Income Verification |
| 10.1.2.Landlord Referencing |
| 10.1.3.Instant Credit Check |
| 10.1.4.Right-To-Rent Checks |
| 10.1.5.Tenant Suitability Check |
| 10.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1.Small And Medium Agencies |
| 10.2.2.Large Agencies |
| 10.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.3.1.China |
| 10.3.2.India |
| 10.3.3.Australia and New Zealand (ANZ) |
| 10.3.4.Japan |
| 10.3.5.Rest of APAC |
| 11.Middle East and Africa (MEA) Tenant Screening Services Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 11.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1.Full Income Verification |
| 11.1.2.Landlord Referencing |
| 11.1.3.Instant Credit Check |
| 11.1.4.Right-To-Rent Checks |
| 11.1.5.Tenant Suitability Check |
| 11.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1.Small And Medium Agencies |
| 11.2.2.Large Agencies |
| 11.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.3.1.GCC Countries |
| 11.3.2.South Africa |
| 11.3.3.Rest of MEA |
| 12.Latin America Tenant Screening Services Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 12.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1.Full Income Verification |
| 12.1.2.Landlord Referencing |
| 12.1.3.Instant Credit Check |
| 12.1.4.Right-To-Rent Checks |
| 12.1.5.Tenant Suitability Check |
| 12.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1.Small And Medium Agencies |
| 12.2.2.Large Agencies |
| 12.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.3.1.Brazil |
| 12.3.2.Mexico |
| 12.3.3.Rest of LA |
| 13. Competition Landscape |
| 13.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
| 13.2.1.Tenant Check |
| 13.2.2.Renters Acceptance |
| 13.2.3.Rental Research Services |
| 13.2.4.Rental History Reports |
| 13.2.5.Multi-Housing Credit Control |
| 13.2.6.Landlord Protection Agency |
| 13.2.7.Apartment Services Plus/ASP Screening |
| 14. Research Methodology |
| 15. Appendix and Abbreviations |
Key Market Players
Author
Muni Kumar Meravath is a seasoned Healthcare Market Research Analyst with over 6 years of experience in the healthcare domain, encompassing pharmaceuticals, medical devices, and diagnostics. A graduate in Pharmacy, he possesses a strong foundation in the intricacies of the healthcare sector. He further enhanced his expertise by pursuing an MBA in Pharmaceuticals, equipping him with valuable business acumen. His analytical skills and market insights have contributed to strategic decision-making and enhanced market positioning for various healthcare organizations. Committed to driving innovation and excellence, Muni continues to seek opportunities to improve healthcare delivery through data-driven insights.
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