People who make a lot of money have little trouble finding an apartment in some of the nation’s priciest housing markets.
CNBC reports that Seattle, Portland, San Francisco, Los Angeles, Washington D.C., and San Diego all have rent applicant approval rates of 90 percent or better, the highest rates in the country.
Of course, the average income of applicants approved in each city is higher than $60,000, with San Francisco renters earning the most, at $109,946.
While income is an important factor in getting approved, potential renters need excellent credit scores, as well.
"For instance, only 48 percent of applicants with a credit score below 500 are approved, but 98 percent of applicants with scores above 750 are successful,” says real estate writer Nadia Balint.
The national approval rate is 83.2 percent in 2017.
Advertisement
Related Stories
Economics
Housing Share of GDP in Q1 2024 Rises Above 16%
The increase marks the first time GDP has surpassed 16% since 2022
Economics
Shelter Costs Drive Inflation Higher Than Expected in January
January Consumer Price Index data show inflation increased more than anticipated as shelter costs continue to rise despite Federal Reserve policy tightening
Economics
Weighing the Effects of the Fed's and Treasury's Latest Announcements
The upshot of the Jan. 31 announcements is that while mortgage rates will stay higher for longer, they're likely to hold steady