As you consider prospective renters in 2021, remember that your applicant screening fee can only cover the expenses you incur in the process.
This includes the actual money spent gathering information, as well as time spent by you or your staff. But no matter how much you pay for tenant screening, your fee to applicants may not exceed $53.33.
That figure represents this year’s maximum applicant-screening charge. Each December, the state of California adjusts its cap on applicant-screening fees based on changes to the Consumer Price Index.
This year’s adjustment amounted to an increase of 87 cents.
Members can follow this link for an explanation of what owners can do – and what they can’t – related to application charges.