Landlords are approving new tenants with higher credit scores. The average credit score of renters has been on the rise by one point each year since 2018, according to an analysis from RENTCafe of more than 5 million lease applications nationwide.
The average credit score of renters was 638 in 2020. Tenants in high-end buildings tended to have above-average credit scores of 669, the analysis found.
By age group, renting baby boomers usually had the highest scores (683), and Gen Z—the youngest renters—had the lowest at 586.
RENTCafe’s data from the top 50 largest cities shows that credit scores of apartment renters can average more than 700 in some of the most competitive markets, such as San Francisco, Boston, New York, Seattle, and Oakland, Calif. San Francisco may be the most competitive city to rent in where renters boast an average credit score of 719.
On the other hand, renters may have the easiest time renting in places like Arlington, Texas, which had the lowest average credit score in the nation at 580, followed by Memphis, Tenn. (583) and Las Vegas (584).
“Credit Scores to Rent an Apartment Are on the Rise—SF, Boston, and NY Top the List,” RENTCafe Blog (Feb. 2, 2021)