The weak link in the scheme was that the alleged con man had moved out of the building only two weeks earlier - making him easy to identify. He didn't own the property on 20th Street near McKean, but still had a copy of the key, police said.
The victims had expected to move in on May 4, but instead filed multiple reports of fraud to police for the rental scam.
Ferraro, who is on probation for a theft conviction in December, was arrested Friday night at 23rd Street and Passyunk Avenue driving his BMW.
The case prompted police to remind the public of some guidelines to follow when shopping for rental properties online.
"Always know who you are dealing with and ask to see a driver's license," said Capt. Laurence Nodiff, commanding officer of the South Detective Division. "People can also go to www.phila.gov under property info to see who the legitimate owner of a property is."
The Craigslist ad by Ferraro has been taken down, but the feeling of being cheated lingers with the victims.
"I know the victims worked very hard for each and every dollar they gave Ferraro," Nodiff said.