{"id":7549,"date":"2018-01-17T11:40:36","date_gmt":"2018-01-17T16:40:36","guid":{"rendered":"https:\/\/www.renthop.com\/content-manager\/?post_type=qa&p=7549"},"modified":"2023-07-24T13:43:38","modified_gmt":"2023-07-24T17:43:38","slug":"can-i-rent-an-apartment-with-a-bad-credit-score","status":"publish","type":"post","link":"https:\/\/www.renthop.com\/blog\/can-i-rent-an-apartment-with-a-bad-credit-score\/","title":{"rendered":"Can I rent an apartment with a bad credit score?"},"content":{"rendered":"

Do you have a credit score lower than 650? Have you ever gotten denied for rental applications? Renting can be incredibly challenging when you have a bad credit score. From a landlord\u2019s perspective, a bad credit score usually means late payments, or worse, financial losses. Landlords, therefore, may be reluctant to rent to someone who has a low credit score, or they may require more security deposits. However, just because you have a bad credit score, it does not mean that you will not be able to rent. In this post, we will go through everything you should know when it comes to renting with a bad credit score.<\/span><\/p>\n

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What is a Credit Score?<\/h2>\n

In case you are unfamiliar, a credit score is a statistical three-digit number that predicts how likely a consumer will repay his or her debts. Landlords utilize credit scores to see if renters will be able to pay rent on time. Credit scores range from 300 to 850, and a credit score of 700 or above is generally considered good. With proof of income, a valid photo ID, and a good credit score, a renter should be able to apply for an apartment without difficulty.<\/span><\/p>\n

What is a Bad Credit Score?<\/h3>\n

Most landlords look for credit scores above 700, or at the very least above 650. If your credit score is below 700, you might find renting more difficult. That being said, credit score requirements vary depending on the class of the residential building, <\/span>neighborhood demographics, and landlord\u2019s discretion. A landlord in the Financial District<\/a> might establish a 720 credit requirement for his luxury condo, as rental prices are in general higher in the neighborhood, and it is full of renters who generate a significant amount of income with excellent credit scores, making renting more competitive. <\/span><\/p>\n

On the contrary, a landlord in Jamaica<\/a> might be less strict, as the monthly rent is lower, and there might not be many qualified renters if he or she sets a higher-than-usual credit score requirement. Therefore, before you start checking out apartments, the most important thing is to identify the right neighborhoods by looking at rent level and rental supply. Many rental sites, like RentHop<\/a>, provide quarterly rent reports<\/a> —<\/span>\u00a0these definitely come in handy! <\/span><\/p>\n

Learn more:<\/p>\n