Toronto startup hopes to make renting easier with pre-approval tool
In addition to helping renters with little credit history, the tool is also designed to help renters who face challenges due to income earned from freelancing, contracting, self-employment and gig work rather than full-time employment, Wang said.The tool is being launched at a critical moment in the rental market. Due to low supply and high demand, major cities are seeing bidding wars when it comes to rentals. Many people are also feeling completely priced out.
For students not yet earning income, the report will show they’ve paid their tuition, which Wang’s research suggests they’d also likely pay rent, he said. Students are also able to connect with a guarantor through the tool.Canadian firms trying to lure staff back to offices with amenities: ‘They will be wowed’Tenants can then share the report digitally with a landlord through the Cios system or connect with landlords already using the Cios platform to match with tenants.
“The credit agency oligopoly also means that it is difficult to correct inaccurate and/or incomplete information. More competition in the provision of credit ratings is only a good thing, especially if it is more accurately targeted and credible for landlords,” Baum-Snow said. “Landlords feel very comfortable requesting personal financial details from prospective tenants and there are channels for tenants to provide that information already,” he said. He cites existing credit report companies that are vetted by big banks, official bank statements and a proof-of-income letter from an employer as an example.Kwan also notes that it’s hard for recipients of social assistance and low-wage earners to find housing they can afford.
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