High Credit Score and Rental Pricing

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As you might already probably expect, the higher your credit score, the more likely you will save money by lowering your interest rates on your credit cards or other lines of credit you may currently have. But what about renting an apartment home? Can your high credit score also help you save money or lower your monthly rental amount?

Well in short, it really depends on a variety of factors. 

Having a high credit score will surely not keep you front renting an apartment home. But if you have a great rental history complete with on time rental payments accompanied by your high credit score, it will make you even more attractive to a landlord or apartment management company. 

Landlords don’t like having to deal with renters who slow pay or don’t pay. And there are several great opportunities  in the marketplace these days for those with great credit.  Here are a few factors that will change market conditions.

Unemployment Rates

With a high unemployment rate, and still millions of people out of work, this does not bode well for the rental market. Its currently is an awkward state. Many people are moving back in with their parents and families.  “Doubling up” is  term that refers to kids moving into apartment and homes that are already currently occupied. And as this occurs it will drive up the vacancies in apartment complexes around the country.

The Lowering Demand

What the apartment units will charge depends on the demand for the apartments in the area. Remember apartment owners and management companies cannot make money on units that are vacant. And if rents are already depressed, it may not cover the mortgage payments. But many owners and management companies today are offering low rental prices compared to years ago.

Conclusions

In the end, lower rental pricing is driven by the weakened economy than by lower credit scores.  The final rental price will probably be derived by the demand and competition in the area.