Bay Area property managers charging for tenant applications to relieve background screening costs

It can be an expensive and arduous task to run numerous background checks on potential renters during the year, and there's no telling if a buyer or renter is actually serious about acquiring a lease as they scour a property. Property managers must continuously screen potential applicants and this process is increasingly tasking given the amount of passersby that have a limited interest. In San Francisco, California, which has experienced a significant lack of new home sales since 1999 and in turn increased the rate of rentals, property managers are now charging potential tenants with application fees of as much as $40, NBC Bay Area reports. According to the news source, these fees help property managers pay for credit screenings and background checks, all the while increasing the likelihood that only serious potential tenants apply, as nonchalant applicants are less apt to consider renting if faced with a fee. The average rent in San Francisco is approximately $2,500, according to the news source, and individuals struggling to pay such a high cost of living may turn to short term financing solutions to ease the burden.