What Is Bad Credit for an Apartment? Should I Get A Cosigner?
The need for an agreeable credit score becomes almost mandatory if you are looking to buy a new home or even if you just want to rent an apartment.
As a matter of fact, landlords who own large apartments have a minimum credit score criteria.
This leaves several people questioning, “what is bad credit for an apartment?” That’s what we aim to answer in this article.
What Is Bad Credit for an Apartment?
If you do a quick internet search about what would qualify as a bad credit score for an apartment, you are most likely going to find several mentions.
What we have found out is that to rent an apartment, a landlord is looking for tenants who have a minimum credit score of anything between 600 and 620. Anything under that can be considered a bad credit score for an apartment.
This credit score range can be considered a decent baseline, which will allow you to estimate the score that you will require.
Having said that, this range does not apply throughout the country. Let us explain why below.
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How the Credit Requirements Vary Depending On Where You Live
If you are looking to rent an apartment at a bargain-basement end of the market, then a credit score of 620 will most likely suffice.
If you want to rent a decent apartment in a swanky place, such as Manhattan, San Francisco, and the likes, then a credit score of 620 would be looked down upon.
In such places, you will require a minimum credit score of 700 or higher.
If you want to rent an apartment in Boston, you have to ensure that your credit score is absolutely spectacular. In Boston, the average credit score among applicants who were approved to rent an apartment was 737.
This is the highest credit score among the 50 largest cities in the United States. Boston is considered third in the list of most expensive cities to rent an apartment. The average monthly rent here is roughly $3,200.
Related: Lexington Law Review– Credit Repair
Renting an Apartment with a Lower Credit Score
It goes without saying that if the rent is higher, then you will need a higher credit score too. After all, the landlord will be putting in more money on the line when they trust you with their home.
So, it is only natural for them to have the need to verify whether or not you have a great record when it comes to making payments on time and consistently.
To get around renting an apartment with a lower credit score would be trying to rent a smaller apartment with lesser rent or rent in an area that isn’t the most desirable.
While these may not be the ideal solution, they buy you time until you can figure a way to raise your credit score higher and move into a better apartment or area.
So, to answer what is bad credit for an apartment, it would be anything below the credit score of 620. If your credit score is below that, apartment hunting is going to be a task.
That being said, it isn’t impossible to get an apartment with a score lower than 620. There are ways to get around that as well.