Tenancy privacy has been in the spotlight, with concerns around the security of personal data being collected by third-party RentTech companies during the tenancy application process.
So as a tenant, how do you know whether your personal information is being stored and managed securely?
The issue of tenancy privacy
The rental market is dominated by two third-party software companies, Snug and 2Apply, that provide software for tenancy applications. Essentially, these RentTech companies use data to decide who gets to find a place to live. This means tenants are often faced with the choice of giving up personal information to apply for a place they love, or not being able to apply.
These companies have come under fire by the media recently, criticised for a lack of transparency about how applications are judged and passing information on to real estate agents. According to the ABC, last year UTS Researcher Linda Przhedetsky found Snug appeared to be giving people a higher score on their applications if they offered more rent than the listed price. Although it appears this is no longer an influential factor in Snug’s algorithm, this raised huge concerns amongst renters.
A recent survey conducted by CHOICE found that 60% of renters were uncomfortable with the amount and type of information collected, and 29% of renters opted not to apply for a rental because they didn’t trust the RentTech platform.
In the rental market, It is crucial that sensitive data such as copies of drivers’ licences and other identifying information is managed carefully. This is particularly important given tenants may be applying for multiple properties across several different companies and platforms before they find a home.
What we’re doing about it
At Prudential Real Estate, we understand the importance of data privacy and the need to protect our tenants’ personal information. That’s why at one of our offices we are using our own online form, which links directly to our database, to collect and securely store tenancy application data.
We’re taking this commitment to data privacy a step further by trialling a new process in our system that automatically deletes tenancy application data within seven days of the application being processed. By doing this, we can be sure that we are only holding onto the data for as long as we need to, which helps to protect our tenants’ privacy and our company from data breaches.
At Prudential Real Estate, we believe that data privacy is of the utmost importance. By taking a proactive approach to data security, we’re helping ensure that our tenants’ personal information is kept safe and secure at all times. So if you’re looking to rent a property, you can trust that Prudential Real Estate has your privacy and security at the forefront of our minds. Get in contact with one of our offices today to learn more about how we prioritise the security and privacy of tenancy application data.
Prudential Real Estate Campbelltown | (02) 4628 0033 | campbelltown@prudential.com.au
Prudential Real Estate Liverpool | (02) 9822 5999 | liverpool@prudential.com.au
Prudential Real Estate Macquarie Fields | (02) 9605 5333 | macquariefields@prudential.com.au
Prudential Real Estate Narellan | (02) 4624 4400 | narellan@prudential.com.au
