Austin Ranks as the No. 1 Texas City with Best Credit Score, Lease Approval
A RENTCafe.com study scored 50 cities nationwide on their average credit score approved for apartment leases. Austin ranked as the No. 1 city in Texas out of seven others, and No. 18 out of all 50 cities. The scores are based off of the VantageScore credit score model, which uses a 300-850 scale, and is comprised of data from RentGrow and rental publications submitted between 2014 and 2017.
Austin earned a score of 659, while currently having an average apartment rent of $1,304 per month. With a score of 659, Austin falls into a 94 percent likelihood that an apartment lease will be approved depending on credit score as well.
Researchers behind the study emphasized the importance of credit score when looking to lease an apartment. However, it is also partially the individual units of credit score, which includes whether you’ve made payments on time, rental history, etc., that factor into the approval process.
“While it may not all boil down to a renter’s credit score, our research shows there’s a strong correlation between it and application approval rates … When reviewing rental applications, landlords and property managers look at your overall credit history. The sum of these things can weigh more in the approval process than the credit score by itself.”
In addition, the study also found that Baby Boomers are the generation with the best overall credit scores, and that of the 2017 rental applicants approved for an apartment, the average scores ranged from 683 to 624 (low-end buildings).
[Via Austin Patch]
Graphic courtesy of Rent CafePosted on Monday, January 8, 2018