Automated Income Verification from Payscore

Onsite residential property managers experience the challenges in managing rental properties every day. Let’s explore how Payscore, the automated income verification solution, delivers even more value in light of the recent Consumer Price Index (CPI) report.

Understanding the CPI Report

Rising housing costs contribute a major component of Inflation. How do we, as professional property managers, ensure that we avoid future evictions by matching applicants to the right property for their budget? The CPI measures the average change over time in prices paid by urban consumers for a basket of goods and services. It reflects inflation trends and helps us understand how costs are rising or falling. The most recent CPI report reveals that inflation has been on the rise, impacting various aspects of our lives, housing most of all.

Housing’s Contribution to Inflation

Housing now accounts for a significant portion of the consumer basket measured by the CPI. Even small increases in housing costs can have a substantial impact on overall inflation. Here’s what you need to know:

• Housing’s Rise: Housing contributed 1.7 percentage points to inflation last June. By March 2023, this contribution rose to 2.6 percentage points, making up half of the annual CPI inflation. Before the pandemic, housing typically contributed about 1 percentage point to inflation.
• Demand and Supply Factors: Recent housing inflation stems from both demand and supply factors. Pandemic-related shifts, such as increased internal migration and work-from-home arrangements, have affected where families want to live and the types of housing they seek. Additionally, long-standing supply constraints in some metropolitan areas have exacerbated price increases.
• Measurement Challenges: The official housing inflation statistics face some challenges. While market data suggests that rental price growth has slowed, the CPI may not immediately reflect this due to its measurement methodology. It considers both new and existing leases, which can lag real-time market changes.

The Role of Income Verification

Now, let’s connect this to income verification for housing applicants:

• Affordability: As housing costs rise, it’s essential to ensure that applicants can afford their rent. Verifying income helps you assess whether the applicant’s earnings align with the rental amount.
• Risk Mitigation: Income verification reduces the risk of leasing to tenants who may struggle to pay rent consistently. It promotes financial stability for both tenants and the community.
• Fairness: Consistent income verification ensures fairness. All applicants go through the same process, regardless of their background or circumstances.

The Payscore Solution

Enter Payscore, your partner in automated income verification:

• Accurate: Payscore provides a comprehensive report with 100% bank-verified income. You receive this information with clarity and immediacy.
• Easy: Payscore seamlessly integrates with popular leasing and lending software tools. No need to disrupt your existing workflow.
• Secure: Payscore streamlines income verification. Applicants connect their bank accounts, and Payscore securely aggregates deposit history. No more manual pay stubs susceptible to fraud.

Real Success Stories

Let’s learn from others who’ve benefited from Payscore:

• Citi-Urban Management: Automating income verification streamlined their application process to just 3 clicks.
• ‍Doubling Occupancy: Another property manager doubled occupancy by slashing application processing time.

Ready to Elevate Your Process?

Sign up for a free trial with Payscore. Experience the efficiency, accuracy, and compliance it brings to income verification. No credit card required—just practical solutions for professional property managers like you!

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