The top 10 cities where it’s easiest to rent an apartment
And, of the 2017 applicants, more than 60 percent are millennials, Nadia Balint, real estate writer and author of the study, tells CBNC Make It. They represent the country’s largest renting population.
With the average 20-to-24 year old earning $27,300 annually and the average 25-to-34 year old earning $40,352, though, it may be tough for them to rent an apartment in the most welcoming places. That’s because the cities with the highest approval ratings also have a marked preference for high salaries.
Here are the top 10 cities with the highest percentage of renters approved and the average income of the approved renters.
Seattle, Wash.
Percentage of applicants approved: 94
Average income of applicants approved: $86,603
Average income of applicants rejected: $67,040
Portland, Ore.
Percentage of applicants approved: 91
Average income of applicants approved: $68,279
Average income of applicants rejected: $44,159
San Francisco, Calif.
Percentage of applicants approved: 90
Average income of applicants approved: $109,946
Average income of applicants rejected: $72,226
Los Angeles, Calif.
Percentage of applicants approved: 90
Average income of applicants approved: $99,127
Average income of applicants rejected: $79,288
Washington, D.C.
Percentage of applicants approved: 90
Average income of applicants approved: $72,798
Average income of applicants rejected: $61,995
San Diego, Calif.
Percentage of applicants approved: 90
Average income of applicants approved: $64,979
Average income of applicants rejected: $60,860
Philadelphia, Penn.
Percentage of applicants approved: 89
Average income of applicants approved: $79,632
Average income of applicants rejected: $55,994
Nashville, Tenn.
Percentage of applicants approved: 87
Average income of applicants approved: $72,121
Average income of applicants rejected: $42,761
Durham, NC
Percentage of applicants approved: 81
Average income of applicants approved: $67,551
Average income of applicants rejected: $40,254
Scottsdale, Ariz.
Percentage of applicants approved: 71
Average income of applicants approved: $63,828
Average income of applicants rejected: $47,739
“In terms of an applicant’s income,” Balint says, “certain rental markets are very competitive. You have to make, on average, $110,000 per year to get an apartment lease in San Francisco and $99,000 per year to lease in Los Angeles. Even in mid-sized markets like Nashville, Portland or Durham, the incomes required are around $70,000 per year.”
But there are ways to increase your odds of being approved, Balint says. For starters, apply in the spring: Your chances are best in May and June.
Be sure to remedy any defaulted accounts, collections or charge-offs you may have, which account for one-third of application denials.
In addition, be aware of civil court lawsuits, judgments or liens, which account for 20 percent of rejected applications. And “aside from all other reasons,” according to the study, “your chances of approval do increase proportionally with your credit score.”
“For instance,” Balint says, “only 48 percent of applicants with a credit score below 500 are approved, but 98 percent of applicants with scores above 750 are successful.”
Source: cnbc.com
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