New research from internet listing service RentCafé, which draws on data from RentGrow, provider of online resident screening services for property managers, finds that the average credit score for applicants approved for an apartment in 2017 in the most competitive U.S. markets was 650. Those rejected had an average score of 538. Rental applications submitted nationwide show that the average credit scores of approved renters is up 12 points from 638 in 2014, signaling that competition is growing in the U.S. rental market.
The average credit score of renters accepted in Class A buildings is 683.
In the most expensive markets, such as Boston, San Francisco, and Seattle, rents average up to $3,440 per month. To be approved for a lease, applicants need an average credit score of 711 in Seattle, 724 in San Francisco, and 737 in Boston. The average rent in the U.S. is $1,354 per month, up 20.8 percent over the past five years, and the average credit score is 650.
In the 10 U.S. cities with the highest approved average credit scores for renting in 2017, rent prices are up from 2012 between 22.3 percent (Philadelphia) and 52.7 percent (Oakland, Calif.), requiring average credit scores of 702 and 707, respectively.
The lowest average credit score in these top 10 metro rental markets is 686 in Nashville, Tenn., with an average rent cost of $1,258 per month.
Baby Boomer renters have the best credit, with the highest average credit score among all generations (683), followed by Millennials with 650. The average scores of those who were rejected were also highest for Baby Boomers (560), but lowest for Millennial applicants (530).
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